New York State Dormitory Authority's 2018C And 2018D Sales Tax Revenue Bonds Assigned 'AAA' Rating

NEW YORK (S&P Global Ratings) July 10, 2018--S&P Global Ratings has assigned its 'AAA' rating and stable outlook to New York State Dormitory Authority's (DASNY) approximately $1.8 billion state sales tax revenue bonds, series 2018C (tax exempt) and series 2018D (taxable). At the same time, S&P Global Ratings has affirmed its 'AAA' ratings on DASNY's parity debt outstanding. The outlook is stable. The bonds are secured by a dedication of state sales tax in an amount initially equal to a 1% tax rate. The dedication is made from within the state's existing sales tax collection and does not represent an increase in the overall state tax rate. "We consider the authority's very high maximum annual debt service coverage to be

...NEW YORK (S&P Global Ratings) July 10, 2018--S&P Global Ratings has assigned its '###' rating and stable outlook to New York State Dormitory Authority's (DASNY) approximately $1.8 billion state sales tax revenue bonds, series 2018C (tax exempt) and series 2018D (taxable). At the same time, S&P Global Ratings has affirmed its '###' ratings on DASNY's parity debt outstanding. The outlook is stable. The bonds are secured by a dedication of state sales tax in an amount initially equal to a 1% tax rate. The dedication is made from within the state's existing sales tax collection and does not represent an increase in the overall state tax rate. "We consider the authority's very high maximum annual debt service coverage to be a key credit strength," said S&P Global Ratings credit analyst Eden Perry. The rating reflects what we view as: + The large and diverse statewide economy of more than 19 million residents contributing to the sales tax revenue that secures the bonds although we see some emerging...

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