Standard&Poor's Ratings Services assigned its 'AA' long-term rating, and stable outlook, to New York State Thruway Authority's second general highway and bridge trust fund bonds, series 2012A. The bonds are secured by a second lien on dedicated gas tax trust funds. Standard&Poor's also affirmed its 'AA' rating, with a stable outlook, on the authority's $6.7 billion of parity second-lien bonds outstanding and its 'AA' rating on the authority's $420.2 million of closed first-lien bonds. After the sale of the 2012A bonds, all of the first-lien bonds are expected to be refunded and defeased, except for a 2012 maturity, upon which we expect to withdraw the rating on the first-lien bonds. The ratings reflect what we view
