S&P Global Ratings assigned its 'AAA' long-term rating, and stable outlook, to the Dormitory Authority of the State of New York's (DASNY) $704.68 million state personal income tax (PIT) revenue bonds (general purpose), series 2016A tax exempt, series 2016B tax exempt, and series 2016C federally taxable. S&P Global Ratings also affirmed its 'AAA' rating, with a stable outlook, on New York State's $31.2 billion PIT revenue bonds outstanding issued by various conduit issuers. The 'AAA' rating reflects what we view as: The large and diverse statewide economy of more than 19.7 million residents contributing to the PIT revenue that secures the bonds; Very high coverage of maximum annual debt service (MADS). We expect pro forma MADS coverage to be 3.8x
