NYC's Bond Rating Hits a High

The New York Sun reports:

A major Wall Street rating agency is upgrading New York's bond rating, offering a vote of confidence in Mayor Bloomberg's stewardship of the city's budget and tangible evidence of how far New York has recovered since the 1970s, when it nearly went bankrupt.

For the third time in two years, the bond rating agency Standard & Poor's upgraded New York City's general obligation bond rating. Yesterday's upgrade brought the rating up one notch to AA, the third-highest rating available and what officials said was a record high for the city.

One wonders whether S&P has looked at NYC's pension obligations.