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

NEW YORK (Standard&Poor's) June 9, 2015--Standard&Poor's Ratings Services assigned its 'AAA' long-term rating, and stable outlook, to the New York State Dormitory Authority's $1.2 billion state personal income tax (PIT) revenue bonds (general purpose) series 2015B, 2015C, and 2015D. Standard&Poor's also affirmed its 'AAA' rating, with a stable outlook, on the state's $29.8 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 pledged PIT revenues. We expect continued strong coverage in the future; Solid bond covenants mirroring a revenue bond structure, not an appropriation credit structure, which include a

...NEW YORK (Standard & Poor's) June 9, 2015--Standard & Poor's Ratings Services assigned its '###' long-term rating, and stable outlook, to the New York State Dormitory Authority's $1.2 billion state personal income tax (PIT) revenue bonds (general purpose) series 2015B, 2015C, and 2015D. Standard & Poor's also affirmed its '###' rating, with a stable outlook, on the state's $29.8 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 pledged PIT revenues. We expect continued 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...

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