NEW YORK (Standard&Poor's) June 25, 2013--Standard&Poor's Ratings Services assigned its 'AAA' long-term rating, and stable outlook, to New York State Thruway Authority's state personal income tax (PIT) revenue bonds (transportation) series 2013A. At the same time, Standard&Poor's affirmed its 'AAA' rating, with a stable outlook, on the state's $26.5 billion PIT revenue bonds outstanding issued by various conduit issuers. "The 'AAA' rating reflects what we view as very strong 4.23x coverage of future maximum annual debt service, by the most recent fiscal year's historical pledged PIT revenues," said Standard&Poor's credit analyst David Hitchcock. The rating also reflects what we consider: Solid bond covenants mirroring a revenue bond structure, not an appropriation credit
