New York State Urban Development Corp.'s Series 2014A And B Personal Income Tax Bonds Rated 'AAA'

NEW YORK (Standard&Poor's) Dec. 1, 2014--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; Solid bond covenants mirroring a revenue bond structure, not an appropriation credit structure, which include a strong 2x additional

...NEW YORK (Standard & Poor's) Dec. 1, 2014--Standard & Poor's Ratings Services assigned its '###' 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 '###' rating, with a stable outlook, on the state's $29.8 billion PIT revenue bonds outstanding issued by various conduit issuers. The '###' 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; + 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 current and future significance as a revenue source for an economically diverse state of 19.7 million. We understand that New York State intends...

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