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 2011A. At the same time, Standard & Poor's affirmed its 'AA' rating, with a stable outlook, on parity bonds outstanding. The bonds are secured by a second lien on dedicated gas tax trust funds. New York State intends to add the federal interest subsidy on Build America bonds as a pledged revenue. The rating reflects what we view as: The diverse nature of the state's economy containing 19.5 million people; New York State's history of periodically increasing taxes flowing into the pledged funds; Strong 2.24x historical coverage of debt service by fiscal...
Companies mentioned in this report are:
- New York State
- New York St Thruway Auth
Action: New Rating
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Research Type: Full Analysis