Standard&Poor's Ratings Services assigned its 'AAA' long-term rating, and stable outlook, to the New York State Urban Development Corp.'s state personal income tax (PIT) revenue bonds series 2013E and 2013F (federally taxable). At the same time, Standard&Poor's affirmed its 'AAA' rating, with a stable outlook, on the state's $28.2 billion PIT revenue bonds outstanding issued by various conduit issuers. The 'AAA' rating reflects what we view as: Very strong 3.81x coverage of future maximum annual debt service (MADS), by the most recent fiscal year's historical pledged PIT revenues; Solid bond covenants mirroring a revenue bond structure, not an appropriation credit structure, which include a strong 2x additional parity bonds test (ABT); and The historical strength of
