New York State and its appropriation-backed obligations received elevated outlooks to stable from S&P Global Ratings, which cited federal rescue aid and improved budget balance.
S&P revised its outlook from negative on the state’s general obligation bonds, which it rates AA-plus. S&P also affirmed its AAA/A-1-plus, AA-plus/A-1-minus and AA/A-1 joint-support and dual ratings on various issues where the short-term ratings are based on the liquidity support from various financial institutions.
S&P also affirmed its long-term ratings on various state entities' revenue bonds.
They include the AA rating on the Metropolitan Transportation Authority's dedicated tax fund bonds; its AA-plus rating on both the Triborough Bridge & Tunnel Authority (MTA Bridges and Tunnels) payroll mobility tax bonds; and the New York State Thruway Authority second general highway and bridge trust fund bonds.
Also affected were the AAA rating of the Dormitory Authority of the State of New York’s employer assessment revenue bonds and the AA-plus rating on various personal income tax revenue bonds issued by DASNY and various other agencies; the AAA rating on the Nassau County Interim Finance Authority sales tax revenue bonds; and the AA-plus rating on sales tax revenue bonds issued by various state agencies.
S&P analyst Sussan Corson said the outlook revisions reflect “the state's near-term economic and revenue recovery, receipt of substantial American Rescue Plan federal aid, and an enacted financial plan that reflects improved budget balance and maintains adequate reserve levels.”
