Standard&Poor's Ratings Services assigned its 'AAA' long-term rating, and stable outlook, to the New York State Dormitory Authority's state personal income tax (PIT) revenue bonds (general purpose) series 2013A (tax-exempt) and series 2013B (federally taxable), issued for New York State. 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 3.98x coverage of maximum annual debt service (MADS), by the most recent fiscal year's historical pledged PIT revenues; Solid bond covenants that mirrors a revenue bond structure, not an appropriation credit structure, which include a strong 2x additional parity
