New York State Urban Development Corp.; Miscellaneous Tax

Standard&Poor's Ratings Services assigned its 'AAA' long-term rating, and stable outlook, to New York State Urban Development Corp.'s state personal income tax (PIT) revenue bonds (general purpose) series 2013A-1, 2013A-2, and 2013B (federally taxable). At the same time, Standard&Poor's affirmed its 'AAA' rating, with a stable outlook, on New York State's $26.3 billion PIT revenue bonds outstanding issued by various conduit issuers. The 'AAA' rating reflects what we view as: Very strong 4.03x 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

...Standard & Poor's Ratings Services assigned its '###' long-term rating, and stable outlook, to New York State Urban Development Corp.'s state personal income tax (PIT) revenue bonds (general purpose) series 2013A-1, 2013A-2, and 2013B (federally taxable). At the same time, Standard & Poor's affirmed its '###' rating, with a stable outlook, on New York State's $26.3 billion PIT revenue bonds outstanding issued by various conduit issuers. The '###' rating reflects what we view as: + Very strong 4.03x 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 the PIT and its significance as a revenue source for an economically diverse state of 19.5 million. We understand that New York State intends to use the proceeds of the Urban Development...

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