New York’s bond rating on Wednesday was upgraded a notch by Standard & Poor’s Ratings Services to AA+ following similar improvements by Moody’s and Fitch.

The Moody’s upgrade is the highest the state has received in the last 50 years.

In its own ratings upgrade, S&P cited the state’s improving budget balance and spending plans that limit increases at 2 percent.

“This upgrade is based on our view of a strong state budget management framework as indicated by New York State’s recent history of improved structural budget balance with a strong focus on spending restraint and on-time budgets,” wrote S&P analyst David Hitchcock.

Comptroller Tom DiNapoli praised the S&P rating improvement.

“The new AA+ rating for the state’s General Obligation bonds reflects our recent history of on-time budgets, a well-funded pension system and spending restraint,” DiNapoli said. “Over the past few years, much has been done to put New York on a more solid financial footing, but some budgetary challenges remain. The state still needs to do more to curtail future budget gaps by aligning recurring revenues and expenditures.

Updated: Gov. Andrew Cuomo is also praising the bond rating improvement.

“S&P’s decision to upgrade New York’s credit rating is another resounding affirmation of the progress that we have made in the past four years. Before this administration took office, New York was losing jobs, consistently passing late budgets, and spending more money than the people of this state earned,” Cuomo said in a statement. “Now, government is working for the people – the budget process has gone from a three-ring circus to a sensible blueprint for growth, taxes are down across the board and we are a national leader in job creation since the recession. The facts are clear – the arrows are pointed in the right direction in New York State, and the best is yet to come.”