...June 9, 2020 NEW YORK (S&P Global Ratings) June 9, 2020--S&P Global Ratings has assigned its 'SP-1+' short-term rating to New York State's $3.5 billion series 2020B state personal income tax (PIT) subordinate revenue anticipation notes (RANs), issued by the Dormitory Authority of the State of New York. The fiscal 2021 budget authorized the issuance of up to $8 billion, in an aggregate principal amount, of subordinated PIT RANs to temporarily finance the budgetary needs of the state. Following this issuance, the state will have issued $4.5 billion of the authorized amount. "The notes alleviate the state's liquidity strain following a deferral of the federal income tax payment deadline from April 15, 2020 to July 15, 2020 to provide temporary relief to individuals as a result of the COVID-19 pandemic," said S&P Global Ratings credit analyst Timothy Little. The bonds are the state's second issuance of subordinate PIT notes this year. The notes are secured by a subordinate lien on a pledge...
