Summary: New York State; Appropriations; Gas Tax; General Obligation; Joint Criteria; Miscellaneous Tax; Non-School State Programs; Sales Tax; School State Program

S&P Global Ratings revised its outlook to negative from stable on the State of New York. We also affirmed our 'AA+' rating on the state's general obligation (GO) debt outstanding and our 'AA' rating on its appropriation-backed obligation debt with various issuers and entities. We also affirmed our 'AAA/A-1+', 'AAA/A-1', 'AA+/A-1', 'AA,A-1' joint support and dual ratings on various issues where the short-term ratings are based on the liquidity support from various financial institutions. In addition, we revised the outlook to negative from stable, while affirming our long-term rating, on various revenue bonds rated under our "Priority-Lien Tax Revenue Debt" criteria (published Oct. 22, 2018, on RatingsDirect), which factors in both the strength and stability of the pledged revenues, as

...(Editor's Note: The state's outlook was changed to negative from stable on Dec. 11, 2020. On Dec. 14, 2020, we reported on a technical issue causing rating outlooks to continue to display as stable instead of negative. The issue has been resolved and all ratings should now reflect the negative outlook.) Credit Profile...

Summary