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New York State Thruway Authority

General Revenue Bonds and Notes


General Revenue Bond Resolution PDF 

RATINGS
Moody's S&P
A2 (Stable) uninsured A (Stable) uninsured
A2 (Stable) insured

AA insured (Assured Guaranty Municipal – formerly FSA)
AA- insured (National Public Finance Guarantee – formerly MBIA, FGIC)


DEBT OUTSTANDING (As of 07/01/14)
Series Amount Insurer1
Series F $ 331,650,000 Ambac
Series G 536,090,000 Assured Guaranty Municipal - formerly FSA
Series H 834,300,000 National Public Finance Guaratee - formerly MBIA, FGIC
Series I 1,103,525,000 Uninsured
Series J 677,460,000 Uninsured
Total: $3,483,025,000 1Portions of each series are insured, unless otherwise noted.

PURPOSE: The Series F bonds were issued to pay at maturity the CP-1 Notes, to refund portions of the outstanding bonds and fund a portion of the Authority's Capital Construction Program. The Series G Bonds were issued to pay at maturity the 2004A BANs, the CP-2 Notes and to provide $200 million for the Authority's Capital Construction Program. The Series H bonds were issued to refund portions of the outstanding Series E bonds and fund a portion of the Authority's Capital Construction Program. The Series I Bonds were issued (i) to fund a portion of the cost of the Authority's 2012-2015 Multi-Year Capital Program, (ii) to provide funds to pay the principal and interest at maturity of the Authority's General Revenue Bond Anticipation Notes, Series 2011A, (iii) to make a deposit to the Senior Debt Service Reserve Fund, and (iv) to pay the Costs of Issuance of the Series I Bonds. The Series J Bonds were issued (i) to fund a portion of the cost of the Authority's Multi-Year Capital Program (ii) to provide funds to refund a portion of the Authority's General Revenue Bonds, Series F and Series G (iii) make a deposit to the Senior Debt Service Reserve Fund, and (iv) pay the Costs of Issuance of the Series J Bonds.

SECURITY: The Bonds are direct and general obligations of the Authority secured by a pledge of revenues and funds established under the Resolution. The Senior Debt Service Reserve Fund Requirement is equal to the Maximum Annual Debt Service.

DEBT SERVICE COVERAGE: Calendar Year 2013 net revenues of $397.6 million provided 1.66 times coverage of annual debt service requirements of $239.8 million.

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