S&P Global Ratings has affirmed its 'AAA' long-term rating and underlying rating on New York State Local Government Assistance Corp.'s (LGAC) senior-lien and subordinated debt outstanding. The outlook is stable. S&P Global Ratings also affirmed its short-term 'A-1' rating on LGAC's variable-rate bonds, reflecting the ratings of liquidity providers JP Morgan Chase Bank N.A. and Bank of America N.A. The rating reflects our view of: New York State's large and diverse economy generating pledged sales taxes; Very high coverage of maximum annual debt service (MADS) on combined senior and subordinate bonds; A closed lien--no additional prior senior-lien or parity junior-lien borrowing is permitted except for refunding bonds; The magnitude of the sales tax set-aside in the comptroller-held sales tax fund,
