...S&P Global Ratings raised its long-term and underlying ratings on the New York State Thruway Authority's second general highway and bridge trust fund bonds to '##+' from '##'. The outlook is stable. The upgrade reflects our expectation that coverage will be sustained at very high levels following refunding of a portion of outstanding debt under a different security. Issuing through the New York State Dormitory Authority, approximately $1.8 billion of second general highway and bridge trust fund bonds were refunded as sales tax revenue bonds series 2015A. Additional smaller refundings through the personal income tax revenue bond and sales tax revenue bond credits have also been completed since then. As a result, we now expect remaining highway and bridge trust fund bonds to show very high coverage for the remaining life of the bonds, particularly as the state uses excess highway and bridge trust fund revenues, still pledged on a first-lien basis to the highway bonds, to subsidize sales tax...
