Standard&Poor's Ratings Services lowered its short-term rating to 'A-1' from 'A-1+' on New York State Urban Development Corp.'s series 2004A-3 and state personal income tax (PIT) (economic development&housing) revenue bonds' and New York State Housing Finance Agency's series C PIT bonds' variable-rate demand feature to reflect the recent downgrade on J.P. Morgan Chase Bank N.A. (A+/Stable/A-1). Standard&Poor's also assigned its 'AAA' long-term rating, and stable outlook, to the corporation's PIT revenue bonds (general purpose), series 2011A and series 2011B (federally taxable). At the same time, Standard&Poor's affirmed its 'AAA' rating, with a stable outlook, on the state's PIT revenue bonds outstanding issued by various conduit issuers. The 'AAA' rating reflects what we
