New York State Urban Development Corp.'s Series 2015A And B Personal Income Tax Bonds Rated 'AAA'

NEW YORK (Standard&Poor's) Dec. 4, 2015--Standard&Poor's Ratings Services assigned its 'AAA' long-term rating, and stable outlook, to the New York State Urban Development Corp.'s $1.14 billion state personal income tax (PIT) revenue bonds (general purpose) series 2015A and 2015B (federally taxable). Standard&Poor's also affirmed its 'AAA' rating, with a stable outlook, on the state's $30.8 billion PIT revenue bonds outstanding issued by various conduit issuers. The 'AAA' rating reflects what we view as: The large and diverse statewide economy of more than 19.7 million residents contributing to the PIT revenue that secures the bonds; Very high coverage of maximum annual debt service (MADS). Based on dedicated revenues collected in the most recently completed fiscal

...NEW YORK (Standard & Poor's) Dec. 4, 2015--Standard & Poor's Ratings Services assigned its '###' long-term rating, and stable outlook, to the New York State Urban Development Corp.'s $1.14 billion state personal income tax (PIT) revenue bonds (general purpose) series 2015A and 2015B (federally taxable). Standard & Poor's also affirmed its '###' rating, with a stable outlook, on the state's $30.8 billion PIT revenue bonds outstanding issued by various conduit issuers. The '###' rating reflects what we view as: + The large and diverse statewide economy of more than 19.7 million residents contributing to the PIT revenue that secures the bonds; + Very high coverage of maximum annual debt service (MADS). Based on dedicated revenues collected in the most recently completed fiscal year we expect pro forma MADS coverage to be 3.6x after this issuance based on fiscal 2015 actual revenues and 3.9x based on projected fiscal 2016 revenues; we expect steady debt issuance based on the state's current...

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