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

S&P Global Ratings has lowered its long-term ratings on New York State's personal income tax (PIT) and sales tax bonds to 'AA+' from 'AAA' on the application of its recently released criteria, "Priority-Lien Tax Revenue Debt," published Oct. 22, 2018, on RatingsDirect. The outlook is stable. The 'A-1' short-term ratings reflect the ratings on JPMorgan Chase Bank N.A. and Bank of America N.A. as liquidity providers, and were not reviewed as part of this rating action. The downgrade reflects our view of the state's general creditworthiness that, under the new criteria, limits the final rating on the priority-lien tax revenue bond debt. In particular, when we believe revenues might not receive priority in a distress scenario we cap the rating

...S&P Global Ratings has lowered its long-term ratings on New York State's personal income tax (PIT) and sales tax bonds to '##+' from '###' on the application of its recently released criteria, "Priority-Lien Tax Revenue Debt," published Oct. 22, 2018, on RatingsDirect. The outlook is stable. The 'A-1' short-term ratings reflect the ratings on JPMorgan Chase Bank N.A. and Bank of America N.A. as liquidity providers, and were not reviewed as part of this rating action. The downgrade reflects our view of the state's general creditworthiness that, under the new criteria, limits the final rating on the priority-lien tax revenue bond debt. In particular, when we believe revenues might not receive priority in a distress scenario we cap the rating at the obligor's creditworthiness. Our Priority-Lien criteria takes 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 the...

Summary