NEW YORK (Standard&Poor's) Sept. 5, 2013--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 (general purpose) series 2013C. At the same time, Standard&Poor's affirmed its 'AAA' rating, with a stable outlook, on the state's $27.3 billion PIT revenue bonds outstanding issued by various conduit issuers. "The 'AAA' rating reflects what we view as very strong 3.95x coverage of future maximum annual debt service, by the most recent fiscal year's historical pledged PIT revenues," said Standard&Poor's credit analyst David Hitchcock. The rating also reflects what we consider: Solid bond covenants mirroring a revenue bond structure, not
