New York State Urban Development Corp.'s 2017C And 2017D Personal Income Tax Revenue Bonds Rated 'AAA'

NEW YORK (S&P Global Ratings) Dec. 12, 2017--S&P Global Ratings assigned its 'AAA' long-term rating, and stable outlook, to the New York State Urban Development Corp.'s approximately $1.78 billion state personal income tax (PIT) revenue bonds (general purpose), series 2017C, and 2017D (federally taxable). At the same time, S&P Global Ratings affirmed its 'AAA' rating on New York State's $33.1 billion PIT revenue bonds outstanding issued by various conduit issuers. In addition, S&P Global Ratings affirmed its 'AAA/A-1' rating on the variable-rate demand bonds; the long-term component of the rating reflects the state PIT and the short-term component reflects the liquidity facility provided by JPMorgan Chase&Co. The outlook on the long-term rating is stable. The 'AAA' rating reflects

...NEW YORK (S&P Global Ratings) Dec. 12, 2017--S&P Global Ratings assigned its '###' long-term rating, and stable outlook, to the New York State Urban Development Corp.'s approximately $1.78 billion state personal income tax (PIT) revenue bonds (general purpose), series 2017C, and 2017D (federally taxable). At the same time, S&P Global Ratings affirmed its '###' rating on New York State's $33.1 billion PIT revenue bonds outstanding issued by various conduit issuers. In addition, S&P Global Ratings affirmed its '###/A-1' rating on the variable-rate demand bonds; the long-term component of the rating reflects the state PIT and the short-term component reflects the liquidity facility provided by JPMorgan Chase & Co. The outlook on the long-term rating is stable. The '###' rating reflects what we view as: + The large and diverse statewide economy of more than 19.8 million residents contributing to the PIT revenue that secures the bonds; + Very high maximum annual debt service (MADS) coverage....

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