Standard&Poor's Ratings Services assigned its 'AAA' long-term rating, and stable outlook, to New York State Local Government Assistance Corp.'s (LGAC) series 2012A subordinate-lien refunding bonds. At the same time, Standard&Poor's affirmed its 'AAA' long-term and underlying ratings on LGAC's $1.470 billion prior senior-lien debt and $1.457 billion of parity subordinated debt outstanding. The outlook on these ratings is stable. The 'AAA' rating reflects what we view as: New York State's large and diverse economy of 19.5 million people that generates the pledged sales tax; Very high coverage of maximum annual debt service (MADS) on combined senior and subordinate bonds, with 6.99x MADS coverage based on pledged revenues collected in the most recently completed fiscal year, and
