New York State Dormitory Authority's Series 2015A Personal Income Tax Revenue Bonds Rated 'AAA'

NEW YORK (Standard&Poor's) Dec. 18, 2014--Standard&Poor's Ratings Services assigned its 'AAA' long-term rating, and stable outlook, to the New York State Dormitory Authority's $1.03 billion state personal income tax (PIT) revenue bonds (general purpose), series 2015A. Standard&Poor's also affirmed its 'AAA' rating, with a stable outlook, on the state's $30.2 billion PIT revenue bonds outstanding issued by various conduit issuers. The 'AAA' rating reflects what we view as: Very strong coverage of future maximum annual debt service (MADS), by the most recent fiscal year's historical pledged PIT revenues. We expect continue strong coverage in the future; Solid bond covenants mirroring a revenue bond structure, not an appropriation credit structure, which include a strong 2x

...NEW YORK (Standard & Poor's) Dec. 18, 2014--Standard & Poor's Ratings Services assigned its '###' long-term rating, and stable outlook, to the New York State Dormitory Authority's $1.03 billion state personal income tax (PIT) revenue bonds (general purpose), series 2015A. Standard & Poor's also affirmed its '###' rating, with a stable outlook, on the state's $30.2 billion PIT revenue bonds outstanding issued by various conduit issuers. The '###' rating reflects what we view as: + Very strong coverage of future maximum annual debt service (MADS), by the most recent fiscal year's historical pledged PIT revenues. We expect continue strong coverage in the future; + 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 strength of the PIT and its current and future significance as a revenue source for an economically diverse state of 19.7 million. "We understand that New...

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