New York State Dormitory Authority's Series 2014A And B State Sales Tax Revenue Bonds Rated 'AAA'

NEW YORK (Standard&Poor's) Oct. 6, 2014--Standard&Poor's Ratings Services has assigned its 'AAA' rating to New York State Dormitory Authority's $995.55 million state sales tax revenue bonds, series 2014A (tax exempt) and $36.445 million series 2014B (federally taxable). 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. The dedicated tax is separate and distinct from the state's pledge of a different 1% sales tax securing bonds of the New York Local Government Assistance Corp. (LGAC; AAA/Stable) and

...NEW YORK (Standard & Poor's) Oct. 6, 2014--Standard & Poor's Ratings Services has assigned its '###' rating to New York State Dormitory Authority's $995.55 million state sales tax revenue bonds, series 2014A (tax exempt) and $36.445 million series 2014B (federally taxable). 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. The dedicated tax is separate and distinct from the state's pledge of a different 1% sales tax securing bonds of the New York Local Government Assistance Corp. (LGAC; ###/Stable) and a $170 million payment to New York City, which secures sales tax asset receivable corporation bonds outstanding (###). After all of LGAC's obligations are paid or discharged, projected on or before 2025, the state sales tax dedicated to the sales tax revenue bonds will increase...

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