S&P Global Ratings raised its long-term rating on the New York State Thruway Authority's (NYSTA) general revenue bonds outstanding to 'A+' from 'A'. S&P Global Ratings also raised its long-term rating on NYSTA's general revenue junior indebtedness obligations (JIOs) outstanding to 'A' from 'A-'. At the same time, we assigned our 'A+' rating to NYSTA's pro forma $1 billion series P general revenue bonds. The outlook on all ratings is stable. The upgrade reflects NYSTA's financial resiliency and recently approved annual toll rate increases, which we expect will allow NYSTA to maintain financing margins (i.e., total debt service coverage [DSC] per our calculations above 1.25x) as it issues debt to fund its capital needs. The general revenue bonds are direct
