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New York State New York State Dormitory Authority; Miscellaneous Tax Jun 11 Product Image

New York State New York State Dormitory Authority; Miscellaneous Tax Jun 11

  • Published: June 2011
  • Standard & Poors

FEATURED COMPANIES

  • New York State
  • New York State Dorm Auth
  • MORE

Abstract
Standard & Poor's Ratings Services has assigned its 'AAA' long-term rating to New York State's state personal income tax (PIT) revenue bonds (general purpose), series 2011A (tax-exempt) and 2011B (federally taxable), issued for New York State Dormitory Authority. At the same time, Standard & Poor's affirmed its 'AAA' rating on the state's PIT revenue bonds outstanding from various conduit issuers. The outlook is stable. The 'AAA' rating reflects what we view as: Very strong 4.33x coverage of maximum annual debt service (MADS) by the most recent fiscal year's historical pledged PIT revenues; Solid bond covenants that mirror a revenue bond structure, not an appropriation credit structure, which include a strong 2x additional bonds test (ABT); and The PIT's historical strength...

Companies mentioned in this report are:
- New York State
- New York State Dorm Auth

Action: New Rating

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit READ MORE >

- New York State
- New York State Dorm Auth

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