New York State Local Government Assistance Corp.'s 2018A Refunding Bonds Rated 'AAA'; Other Ratings Affirmed

NEW YORK (S&P Global Ratings) March 12, 2018--S&P Global Ratings has assigned its 'AAA' rating to New York State Local Government Assistance Corp.?s (LGAC) approximately $258 million series 2018A refunding bonds (senior lien). At the same time, S&P Global Ratings affirmed its 'AAA' long-term rating and underlying rating on LGAC's senior-lien and subordinated debt outstanding. The outlook is stable. S&P Global Ratings also affirmed its 'A-1' short-term rating on LGAC's variable-rate bonds, reflecting the ratings of liquidity providers JP Morgan Chase Bank N.A. and Bank of America N.A. "The rating reflects our view of New York State's large and diverse economy generating dedicated sales taxes," said S&P Global Ratings credit analyst Eden Perry. We believe other credit-positive factors include Very

...NEW YORK (S&P Global Ratings) March 12, 2018--S&P Global Ratings has assigned its '###' rating to New York State Local Government Assistance Corp.'s (LGAC) approximately $258 million series 2018A refunding bonds (senior lien). At the same time, S&P Global Ratings affirmed its '###' long-term rating and underlying rating on LGAC's senior-lien and subordinated debt outstanding. The outlook is stable. S&P Global Ratings also affirmed its 'A-1' short-term rating on LGAC's variable-rate bonds, reflecting the ratings of liquidity providers JP Morgan Chase Bank N.A. and Bank of America N.A. "The rating reflects our view of New York State's large and diverse economy generating dedicated sales taxes," said S&P Global Ratings credit analyst Eden Perry. We believe other credit-positive factors include + Very high coverage of maximum annual debt service (MADS) on combined senior and subordinate bonds; + A closed lien--no additional prior senior-lien or parity junior-lien borrowing is permitted except...

Ratings Action