MuniMetrics MVP v6.6.5

# Senior Credit Analyst Summary ## 1. Executive Credit View Preliminary credit view: **Watch implications, preliminary only.** The excerpt supports a high-quality bond structure at the instrument level because the Bonds are **general obligations of the State of New York**, secured by the State’s **full faith and credit**. However, the provided excerpt is not sufficient to reach a final investment view because it omits the full financial plan, ratings detail, audited financial statement tables, debt service schedule, economic/tax base data, and complete disclosure on budget gaps or recurring operating balance. The temporary funding excerpts identify meaningful pandemic-related and other non-recurring federal support, including ARP, COVID eFMAP, FEMA reimbursements, education relief funds, and other pandemic assistance. Some support appears to affect the General Fund or agency operations/fringe benefits, which is a recurring-credit watch item. The document therefore supports a **conservative preliminary Watch**, not a final Buy or Pass. ## 2. Issuer and Bond Facts Extracted - **Issuer:** State of New York. Page 1. - **Bond name:** State of New York General Obligation Bonds: - $365,255,000 Series 2025A Tax-Exempt Bonds. - $8,485,000 Series 2025B Taxable Bonds. - $165,845,000 Series 2025C Tax-Exempt Bonds. Pages 1–2. - **Total par amount:** $539,585,000, based on stated series par amounts. Pages 1–2. - **Bond type:** General Obligation Bonds. Page 1. - **Security pledge:** The Bonds are general obligations of the State, and the **full faith and credit of the State** is pledged to payment of principal and interest. Pages 1 and 5. - **Purpose:** - Series 2025A Tax-Exempt Bonds are being issued partly to currently refund the outstanding March 1, 2040 maturity of the State of New York General Obligation Bonds, Series 2010C Taxable Bonds, Build America Bonds, and for certain capital purposes including Clean Water/Clean Air and Clean Water, Clean Air, and Green Jobs purposes. Page 5. - Series 2025B purpose: Not identified in provided excerpt, although the table of contents refers to “Application of Series 2025A Tax-Exempt Bonds and Series 2025B Taxable Bonds Proceeds.” Page 3. - Series 2025C purpose: Not fully identified in provided excerpt, although the bond title refers to “Tax-Exempt Refunding Bonds” and the table of contents includes a “Refunding Plan.” Page 3. - **Maturity range:** - Series 2025A: March 15, 2026 through March 15, 2044. Page 2. - Series 2025B: March 15, 2026. Page 2. - Series 2025C: March 15, 2026 through March 15, 2035. Page 2. - **Interest payment dates:** Interest payable beginning September 15, 2025 and semiannually thereafter on March 15 and September 15 until maturity. Page 1. - **Ratings:** Not identified in provided excerpt. The table of contents references a ratings section, but the actual ratings are not included. Page 3. - **Underwriter:** Not identified in provided excerpt. The Bonds were offered for sale by competitive bidding, but winning bidder information is not included. Pages 1 and 3. - **Bond counsel:** Not identified in provided excerpt. The excerpt states the Attorney General will provide an opinion that the Bonds are valid and enforceable obligations of the State. Page 1. - **Municipal advisor / financial advisor:** Public Resources Advisory Group, New York, New York, is acting as financial advisor to the State. Page 1. - **Registrar / paying agent:** Not identified in provided excerpt. - **Book-entry / depository:** Bonds will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, which will act as securities depository. Page 1. - **Tax status:** - Series 2025A and 2025C Tax-Exempt Bonds: Interest is excludable from gross income for federal income tax purposes and exempt from personal income taxes of the State of New York and its political subdivisions, including New York City and Yonkers, subject to conditions described in the document. Page 1. - Corporate AMT caveat: Interest on the Series 2025 Tax-Exempt Bonds held by certain corporations subject to federal corporate alternative minimum tax is included in adjusted financial statement income. Page 1. - Series 2025B Taxable Bonds: Interest is subject to federal income taxes and personal income taxes imposed by the State and its political subdivisions, including New York City and Yonkers. Page 1. ## 3. Security and Bond Structure Analysis The Bonds have a strong legal repayment structure at the instrument level. They are stated to be **general obligations of the State of New York**, and the **full faith and credit of the State** is pledged to payment of principal and interest. Pages 1 and 5. That is the central bondholder protection identified in the excerpt. The Bonds are issued in registered, book-entry-only form through DTC, with Cede & Co. as nominee. Page 1. Book-entry form supports marketability and operational efficiency but does not create additional credit enhancement. The excerpt states that the Bonds are subject to redemption prior to maturity as set forth in the Official Statement. Page 1. The inside cover indicates that certain Series 2025A maturities are priced to the March 15, 2035 optional redemption date at a redemption price of 100%. Page 2. The complete redemption provisions are not included in the excerpt, so call protection, extraordinary redemption provisions, and full optional redemption mechanics should be verified. The Bonds are legal investments for certain New York State-chartered banks, trust companies, savings banks, insurance companies, fiduciaries, and investment companies, and may be accepted by the State Comptroller and State Superintendent of Financial Services where deposits of obligations are required by law. Page 1. This is a marketability positive, not a substitute for credit analysis. Bond-specific limitations from the excerpt: - No debt service schedule is provided. - No rating levels are shown. - No full financial statement analysis is provided in the excerpt. - No complete refunding savings analysis is provided. - Registrar and paying agent are not identified. - The full redemption language is not included. ## 4. Credit Strengths - **Full faith and credit GO pledge:** The Bonds are general obligations of the State, backed by the full faith and credit of the State. Pages 1 and 5. - **Large sovereign/state issuer:** The issuer is the State of New York. Page 1