Standard&Poor's Ratings Services assigned its 'AAA' long-term rating, and stable outlook, to New York State Dormitory Authority's (general purpose) series 2012D (tax-exempt), 2012E (tax-exempt), and 2012F (federally taxable) state personal income tax (PIT) revenue bonds. At the same time, Standard&Poor's affirmed its 'AAA' rating, with a stable outlook, on the state's $25.9 billion PIT revenue bonds outstanding issued by various conduit issuers. The 'AAA' rating reflects what we view as: Very strong 3.97x coverage of future maximum annual debt service (MADS), by the most recent fiscal year's historical pledged PIT revenues; Solid bond covenants mirroring a revenue bond structure, not an appropriation credit structure, which include a strong 2x additional parity bonds test (ABT); and The
