Standard&Poor's Ratings Services assigned its 'AAA' long-term rating, and stable outlook, to the New York State Dormitory Authority's $1.1 billion state personal income tax (PIT) revenue bonds (general purpose) series 2015E. Standard&Poor's also affirmed its 'AAA' rating, with a stable outlook, on the state's $30.9 billion PIT revenue bonds outstanding issued by various conduit issuers. The 'AAA' rating reflects what we view as: The large and diverse statewide economy of more than 19.7 million residents contributing to the personal income tax (PIT) revenue that secures the bonds; Very high coverage of maximum annual debt service (MADS). Based on dedicated revenues collected in the most recently completed fiscal year we expect pro forma MADS coverage to be
