Summary: New York State Dormitory Authority; Miscellaneous Tax Jul 11

Standard & Poors, July 2011

Abstract
Standard & Poor's Ratings Services assigned its 'AAA' long-term rating, and stable outlook, to the New York State Dormitory Authority's state personal income tax (PIT) revenue bonds (general purpose), series 2011C (tax-exempt) and series 2011D (federally taxable). At the same time, Standard & Poor's affirmed its 'AAA' rating, with a stable outlook, on the state's PIT revenue bonds outstanding issued by various conduit issuers. The 'AAA' rating reflects what we view as: Very strong 4.25x coverage of future maximum annual debt service (MADS), by the most recent fiscal year's historical pledged PIT revenues; Solid bond covenants mirroring a revenue bond structure, not an appropriation credit structure, which include a strong 2x additional parity bonds test (ABT); and The historical strength...

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

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- New York State
- New York State Dorm Auth

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