...S&P Global Rating assigned its '##+' long-term rating to New York State's series 2021A (tax-exempt) and 2021B (taxable) general obligation (GO) bonds and affirmed its '##+' rating on existing GO debt outstanding and its '##' rating on various appropriation-backed obligations. The outlook is negative. We also affirmed our '###/A-1+', '##+/A-1', and '##/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. The negative outlook reflects our view of heightened risks to the state's ability to maintain structural budgetary balance over the current and subsequent fiscal years. While we view its financial plan as reasonably achievable to maintain balance, near-term risks include potentially weaker economic growth compared to the rest of the country, uncertainty surrounding continuing federal aid, and contagion risk from financial and economic stress associated with the Metropolitan Transportation...
