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Summary: New York State; Appropriation, Appropriation May 03 Product Image

Summary: New York State; Appropriation, Appropriation May 03

  • Published: May 2003
  • Standard & Poors

FEATURED COMPANIES

  • New York St Thruway Auth
  • New York State
  • New York State Dorm Auth
  • MORE

Abstract
Standard & Poor's Ratings Services revised its outlook on New York State's general obligation and appropriation bonds to negative from stable. With the May 15, 2003, state Legislature override of Gov. George Pataki's budget vetoes, it appears that out-year gaps will increase significantly since the revenue increases are temporary and the spending is permanent. Although the increase in income and sales taxes will help cover costs, the magnitude of the expense increases, as well as uncertainties over those revenues, will put further pressure on already large out-year gaps, reducing the likelihood of restoring structural balance and accumulating reserves consistent with 'AA' quality credits. It also appears that, although debt reform has not technically been breached, the sprit of the statute...

Companies mentioned in this report are:
- New York State
- New York State Urban Dev Corp
- New York State Dorm Auth
- New York St Med Care Fac Fin Agy
- New York St Thruway Auth
- Triborough Br & Tunnel Auth
- New York St Envir Facs Corp

Action: Outlook Revised

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- New York State
- New York State Urban Dev Corp
- New York State Dorm Auth
- New York St Med Care Fac Fin Agy
- New York St Thruway Auth
- Triborough Br & Tunnel Auth
- New York St Envir Facs Corp

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