Summary: Dormitory Authority of the State of New York New York State; Miscellaneous Tax

S&P Global Ratings assigned its 'AA+' long-term rating and stable outlook to the Dormitory Authority of the State of New York's (DASNY) series 2021C (taxable) and 2021D (tax-exempt) state personal income tax (PIT) revenue bonds, totaling approximately $1.85 billion. We rate the bonds based on our "Priority-Lien Tax Revenue Debt" criteria (published Oct. 22, 2018), which take into account both the strength and stability of the pledged revenues, as well as the general credit quality of the obligor where taxes are distributed and/or collected, in this case, New York State (general obligation [GO] rating: AA+/Stable). The series 2021C and series 2021D bonds are issued on a parity with all other bonds that have been or may be issued under the

...S&P Global Ratings assigned its '##+' long-term rating and stable outlook to the Dormitory Authority of the State of New York's (DASNY) series 2021C (taxable) and 2021D (tax-exempt) state personal income tax (PIT) revenue bonds, totaling approximately $1.85 billion. We rate the bonds based on our "Priority-Lien Tax Revenue Debt" criteria (published Oct. 22, 2018), which take into account both the strength and stability of the pledged revenues, as well as the general credit quality of the obligor where taxes are distributed and/or collected, in this case, New York State (general obligation [GO] rating: ##+/Stable). The series 2021C and series 2021D bonds are issued on a parity with all other bonds that have been or may be issued under the General Resolution. As of May 31, 2021, there were approximately $44.8 billion of state PIT bonds outstanding. The bonds are secured by a first lien on a pledge of payments made pursuant to a financing agreement entered into by DASNY, which is one of five...

Summary