Summary: New York State Dormitory Authority of the State of New York; Note

S&P Global Ratings has assigned its 'SP-1+' short-term rating to New York State's $3.5 billion series 2020B state personal income tax (PIT) subordinate revenue anticipation notes (RANs), issued by the Dormitory Authority of the State of New York (DASNY). The fiscal 2021 budget authorized the issuance of up to $8 billion, in an aggregate principal amount, of subordinated PIT RANs to temporarily finance the budgetary needs of the state. Following this issuance, the state will have issued $4.5 billion of the authorized amount. The notes alleviate the state's liquidity strain following a deferral of the federal income tax payment deadline from April 15, 2020 to July 15, 2020 to provide temporary relief to individuals as a result of the COVID-19

...S&P Global Ratings has assigned its 'SP-1+' short-term rating to New York State's $3.5 billion series 2020B state personal income tax (PIT) subordinate revenue anticipation notes (RANs), issued by the Dormitory Authority of the State of New York (DASNY). The fiscal 2021 budget authorized the issuance of up to $8 billion, in an aggregate principal amount, of subordinated PIT RANs to temporarily finance the budgetary needs of the state. Following this issuance, the state will have issued $4.5 billion of the authorized amount. The notes alleviate the state's liquidity strain following a deferral of the federal income tax payment deadline from April 15, 2020 to July 15, 2020 to provide temporary relief to individuals as a result of the COVID-19 pandemic. Subordinate notes must be issued before Dec. 31. 2020 and mature on or before the end of the fiscal year, March 31, 2021. The notes may be renewed or refunded for an additional period one year from the date of renewal or refunding and may also...

Summary