Summary: New York State Thruway Authority; Miscellaneous Tax

S&P Global Ratings assigned its 'AA+' long-term rating, with a stable outlook, to the New York State Thruway Authority's $1.9 billion series 2021A-1 (tax-exempt) and $54.2 million 2021A-2 (federally taxable) state personal income tax (PIT) revenue bonds (transportation). We rate the bonds based on our "Priority-Lien Tax Revenue Debt" criteria (published Oct. 22, 2018), which take 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, New York State (general obligation [GO] rating: AA+/Stable). The series 2021A-1 and series 2021A-2 bonds are issued on a parity with all other bonds that have been, or may be, issued under the General Resolution.

...S&P Global Ratings assigned its '##+' long-term rating, with a stable outlook, to the New York State Thruway Authority's $1.9 billion series 2021A-1 (tax-exempt) and $54.2 million 2021A-2 (federally taxable) state personal income tax (PIT) revenue bonds (transportation). We rate the bonds based on our "Priority-Lien Tax Revenue Debt" criteria (published Oct. 22, 2018), which take 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, New York State (general obligation [GO] rating: ##+/Stable). The series 2021A-1 and series 2021A-2 bonds are issued on a parity with all other bonds that have been, or may be, issued under the General Resolution. All PIT bonds, of which there were approximately $45.6 billion outstanding as of June 30, 2021, are on a parity with each other as to payments from the state's revenue bond tax fund, subject to annual appropriation by the...

Summary