New York State Dormitory Authority's Series 2015B Sales Tax Revenue Bonds Rated 'AAA'; Parity Debt Affirmed At 'AAA'

NEW YORK (Standard&Poor's) Oct. 5, 2015--Standard&Poor's Ratings Services has assigned its 'AAA' rating and stable outlook to New York State Dormitory Authority's approximately $1 billion state sales tax revenue bonds, series 2015B. At the same time, Standard&Poor's has affirmed its 'AAA' ratings on 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 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; Very high coverage of maximum annual debt service (MADS); The magnitude of the sales

...NEW YORK (Standard & Poor's) Oct. 5, 2015--Standard & Poor's Ratings Services has assigned its '###' rating and stable outlook to New York State Dormitory Authority's approximately $1 billion state sales tax revenue bonds, series 2015B. At the same time, Standard & Poor's has affirmed its '###' ratings on 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 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; + Very high coverage of maximum annual debt service (MADS); + The magnitude of the sales tax set-aside in the comptroller-held sales tax revenue bond tax fund (STRBTF) and its significance to the state's overall general fund revenue base, which substantially mitigates the risk of state non-appropriation in our view; and + Very strong 2.0x additional bonds test (ABT),...

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