Standard & Poor’s revised its outlook to positive from stable on the New York State Power Authority on Jan. 4.
The authority has $1.1 billion in long-term senior debt and additional short-term and adjustable-rate debt.
S&P gives the authority’s senior-lien debt an AA-minus rating, its subordinate-lien Series 1-3 commercial paper and Series 1 extendible municipal commercial paper notes an A-1 rating, and its senior lien 1985 adjustable-rate tender notes an AA-minus/A-1-plus rating.
“The positive outlook reflects our view of the utility’s record of sound debt-service coverage, its strong liquidity, its low leverage, and the customer base’s breadth,” S&P stated.
“Over the past two years, we have taken steps to restore fiscal responsibility across all levels of state government,” said Gov. Andrew Cuomo. “Today’s action by Standard & Poor’s ... is yet another demonstration that the steps taken to make government perform are indeed working.”
