The long-term rating reflects the legal framework of the State of New York’s (the “State’s”) Personal Income Tax Revenue Bond Program, the essentiality of personal income tax (PIT) revenues to the State’s capital and operating budgets, and our view of the State’s general creditworthiness. Bondholder protections in the Enabling Act, general resolutions and financing agreements governing the program, together with the State’s heavy reliance on PIT revenues, effectively preclude non-appropriation risk and overleveraging risk.
PIT Revenue Bonds (the “Bonds”) are the State’s primary capital financing vehicle. They are secured solely by a pledge of monthly financing agreement payments made by the State pursuant to an agreement between an authorized issuer and the State Director of Budget. The Dormitory Authority of the State of New York (“DASNY”), one of five authorized issuers, is issuing the currently offered bonds to finance, refinance or reimburse certain State programs and…
Log in or Sign up for free access to this report.
KBRA is a global full-service rating agency with a mission to set a standard of excellence and integrity. Established in 2010, KBRA remains dedicated to the restoration of trust in credit ratings by creating new standards for assessing risk and by offering timely and transparent ratings. KBRA provides market participants with an alternative solution by delivering in-depth research across various sectors within the United States and European markets. We strive to provide the investment community with the products and tools needed to make informed investment decisions.