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

S&P Global Ratings assigned its 'AA+' long-term rating to the Dormitory Authority of the State of New York's (DASNY) approximately $2.3 billion series 2022A (tax-exempt) and $663 million 2022B (federally taxable) state personal income tax (PIT) revenue bonds (general purpose). The outlook is stable. We rate the bonds based on our "Priority-Lien Tax Revenue Debt" criteria (published Oct. 22, 2018, on RatingsDirect), which take into account both the strength and stability of the pledged revenues, as well as the general credit quality of the obligor where taxes are distributed and/or collected--in this case, New York State (general obligation [GO] rating: 'AA+/Stable'). The series 2022A and 2022B bonds are issued on a parity with all other bonds that have been, or

...S&P Global Ratings assigned its '##+' long-term rating to the Dormitory Authority of the State of New York's (DASNY) approximately $2.3 billion series 2022A (tax-exempt) and $663 million 2022B (federally taxable) state personal income tax (PIT) revenue bonds (general purpose). The outlook is stable. We rate the bonds based on our "Priority-Lien Tax Revenue Debt" criteria (published Oct. 22, 2018, on RatingsDirect), which take into account both the strength and stability of the pledged revenues, as well as the general credit quality of the obligor where taxes are distributed and/or collected--in this case, New York State (general obligation [GO] rating: '##+/Stable'). The series 2022A and 2022B bonds are issued on a parity with all other bonds that have been, or may be, issued under the General Resolution. All PIT bonds, of which there were approximately $46 billion outstanding as of Feb. 28, 2022, are on a parity with each other as to payments from the state's revenue bond tax fund (RBTF),...

Summary