Standard&Poor's Ratings Services affirmed its 'AA' rating, and stable outlook, on New York State Thruway Authority's second general highway and bridge trust fund bonds. The bonds are secured by a second lien on dedicated gas tax trust funds. The first lien bonds have been refunded and defeased and bond covenants prohibit the issuance of additional new money first-lien bonds. The ratings reflect what we view as: The diverse nature of the state's economy containing 19.7 million people; The state's history of periodically increasing taxes flowing into the pledged funds; The authority's strong 2.55x historical coverage of combined first- and second-lien maximum annual debt service (MADS) by fiscal 2015 pledged revenues; and A strong 2.0x additional bonds test. Offsetting
