Ratings service credits state's finances

By The Associated Press

Friday, August 8, 2008 9:45 AM EDT

ALBANY - A major bond rating company is joining those who like the way New York Gov. David Paterson is confronting the state's fiscal crisis.
Fitch Ratings is affirming New York's AA-minus credit rating and gives state government a positive outlook.

Fitch credits the Paterson administration with taking proactive steps to address projected budget gaps.

He has already cut $630 million in state spending and is calling on the Legislature to cut $600 million more.

Paterson budget spokesman Jeffrey Gordon says the governor will continue working with the Legislature to address the state's declining revenue in an economy the administration considers in recession.

On Wednesday the Quinnipiac University poll found Paterson's approval rating hit 64 percent, up since June.

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