Three's the Charm for NY Debt Upgrades

Rating agency Standard & Poor's is giving a positive review of how New York state is managing its debt. It's the third agency to do so.

S&P says the decision is based on the state's strong financial management. It also says New York benefits from a diverse economy and higher-than-average incomes.

On the downside, though, it warns that the state relies too much on the financial industry for generating taxes and revenue, and that New York faces significant obligations to retired public workers.

Rating agencies Moody's and Fitch issued upgrades for New York in June.

Governor Cuomo calls the move a "resounding affirmation" of his stewardship of the state's budget.