Long-Term Credit Ratings Scales*

Credit Ratings on New York State Bonds*

Bonding Program

S & P

Fitch

Moody’s**

Personal Income Tax Bonds (PIT)

AAA

General Obligation (GO)

Aa2

Local Government Assistance Corporation (LGAC)

AAA

Aa2

Dedicated Highway and Bridge Trust Fund

Mental Health Services Facilities Improvement Revenue

AA-

Department of Health

AA-

State University of New York Dormitory Revenue

AA-

Aa2

Tobacco Bonds

AA-

Municipal Bond Bank Agency (MBBA) Special Schools Revenue

A+

AA-

Service Contract/Appropriation Credits***

AA-

*	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”.
**	Moody’s rating not applied for except on GO, LGAC, and SUNY Dormitory Revenue Bond debt. “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 financing.