Standard&Poor's Ratings Services assigned its 'AAA' long-term rating, and stable outlook, to the New York State Urban Development Corp.'s $1.3 billion state personal income tax (PIT) revenue bonds (general purpose) series 2014A and series 2014B. At the same time, Standard&Poor's affirmed its 'AAA' rating, with a stable outlook, on the state's $29.8 billion PIT revenue bonds outstanding issued by various conduit issuers. The 'AAA' rating reflects what we view as: Very strong coverage of future maximum annual debt service (MADS), by the most recent fiscal year's historical pledged PIT revenues and we expect continue strong coverage in the future; Solid bond covenants mirroring a revenue bond structure, not an appropriation credit structure, which include a strong
