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New York’s financial outlook is improving, according to rating services

Apparently the state’s financial outlook is improving.

While New York’s finances were in serious doubt during the pandemic- the latest forecast from S&P and Fitch indicated that the state’s credit outlook is improving.

In immediate terms, this means the state can borrow money more cheaply if it needs to.

Officials say the federal boost of $12 billion through the last COVID relief bill was a major contributor.

“Coupled with a decade of fiscal integrity preceding the pandemic, an economic recovery that’s beating expectations thanks to our nation-leading vaccination programs, and hard-fought-for federal funding, New York State is today emerging from this unprecedented crisis on firm financial footing,” Cuomo said. “I’m encouraged to see these efforts recognized by the major credit rating companies, who today upgraded our State’s fiscal outlook to ‘stable.’ As we leave the pandemic behind, we will continue to work with our partners in the Legislature to keep our State’s finances on track and keep our economy growing.”