"Dave has always worked hard, maintained the highest analytic integrity and role modeled independent thought," said Eden Perry, S&P head of U.S public finance. "He will be missed."
A marked increase in staffing shortages at auditing firms has resulted in significant setbacks to complete issuers' financial disclosures, S&P said in a report.
The upgrade to A-minus from BBB-plus "reflects what we view as material improvement in the state's structural deficit and near-term liquidity," S&P said.