Credit rating agency Standard & Poor’s has upgraded their assessment of the New York Power Authority’s creditworthiness, according to a press release from the authority.

“Actions by Standard & Poor’s to upgrade the long-term credit rating of the New York Power Authority (NYPA), from AA-(minus) to AA, and to raise the rating of NYPA’s already highly regarded short-term debt, from A-1 to A-1+(plus), are a testament to the Authority’s strong financial and operational management,” said a statement from NYPA.

This follows on higher ratings from the other leading credit rating agencies Moody’s and Fitch.

“Over the last year, NYPA has also received similar positive assessments from Moody’s and Fitch Ratings for a string of stellar report cards by the Big Three credit rating agencies,” their statement said.

The improved ratings mean that the authority can borrow funds it needs and pay less for the service than if they had a lower rating.

The authority’s headquarters are in the New York City suburbs. It has operations near Massena at the Moses-Saunders Power Dam.

The message from Standard & Poor’s on the revised NYPA ratings is at http://www.nypa.gov/Press/2014/S&P%20Rating%20Report%20-%20NYPA_14.pdf