Standard&Poor's Ratings Services assigned its 'AAA' long-term rating, and stable outlook, to the New York State Dormitory Authority's state personal income tax (PIT) revenue bonds (general purpose) series 2014A (tax-exempt) and 2014B (federally taxable). At the same time, Standard&Poor's affirmed its 'AAA' rating, with a stable outlook, on the state's $28.9 billion PIT revenue bonds outstanding issued by various conduit issuers. The 'AAA' rating reflects what we view as: Very strong 3.80x 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 historical
