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

S&P Global Ratings has affirmed its 'AAA' long-term rating on the New York State Dormitory Authority's series 2010A and 2013A employer assessment revenue bonds. The outlook is stable. We rate the employer assessment revenue bonds above the sovereign. We believe the authority can maintain better credit characteristics than the U.S. (AA+/Stable) in a stress scenario given that pledged revenue is locally derived and has shown resiliency throughout economic cycles. Moreover, we believe that there is limited funding interdependency with the federal government that would constrain the rating. The bonds are secured by special assessments levied on employers in New York State by the state workers' compensation board. The series 2013 bonds are junior to the series 2010A assessment bonds. However,

...S&P Global Ratings has affirmed its '###' long-term rating on the New York State Dormitory Authority's series 2010A and 2013A employer assessment revenue bonds. The outlook is stable. We rate the employer assessment revenue bonds above the sovereign. We believe the authority can maintain better credit characteristics than the U.S. (##+/Stable) in a stress scenario given that pledged revenue is locally derived and has shown resiliency throughout economic cycles. Moreover, we believe that there is limited funding interdependency with the federal government that would constrain the rating. The bonds are secured by special assessments levied on employers in New York State by the state workers' compensation board. The series 2013 bonds are junior to the series 2010A assessment bonds. However, the expanded pledge of assessments on the 2010 bonds following the adoption of the series 2020 supplemental resolution led to higher debt service coverage (DSC) and the bonds being rated on parity. In addition,...

Summary