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Credit Ratings on New York State Bonds*

Credit Ratings
Bonding Program S & P Fitch Moody’s**
Personal Income Tax Bonds (PIT) AAA AA+ Aa1
Sales Tax Revenue Bonds AAA AA+ Aa1
General Obligation (GO) AA+ AA+ Aa1
Local Government Assistance Corporation (LGAC) AAA AA+ Aa1
Dedicated Highway and Bridge Trust Fund AA AA+ NR
Mental Health Services Facilities Improvement Revenue AA AA NR
Department of Health AA AA NR
Tobacco Bonds AA AA NR
Municipal Bond Bank Agency (MBBA) Special Schools Revenue AA AA NR
Service Contract/Appropriation Credits*** AA AA NR
       
Credit Ratings Footnotes
* Generally, bonds rated BBB‐(S&P and Fitch) or Baa3 (Moody’s) or better are considered by the rating agencies to be “Investment Grade” (i.e., suitable for preservation of investment capital). Generally, bonds rated below said levels are considered by the rating agencies to be “Non‐Investment Grade”.
** “NR” – not rated.
***Includes programs that have been separately bond‐financed‐for in the past (e.g., Local Highway & Bridge [CHIPs] program, State University of New York [SUNY] Academic Facilities program, etc.) and are now replaced by PIT and Sales Tax financings.

Long-Term Credit Ratings Scales*

Long-Term Credit Ratings Scales
S&PFitchMoody’s
AAAAAAAaa
AA AA Aa
A A A
BBB BBB Baa