New York State Urban Development Corp.'s Series 2016 PIT Revenue Bonds Rated 'AAA'; Ratings Affirmed On Debt Outstanding

NEW YORK (Standard&Poor's) Feb. 29, 2016--Standard&Poor's Ratings Services assigned its 'AAA' long-term rating, and stable outlook, to the New York State Urban Development Corp.'s $1.342 billion state personal income tax (PIT) revenue bonds (general purpose), series 2016A. Standard&Poor's also affirmed its 'AAA' rating, with a stable outlook, on New York State's $31.7 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). We expect pro forma MADS coverage to be 3.6x after this issuance based on

...NEW YORK (Standard & Poor's) Feb. 29, 2016--Standard & Poor's Ratings Services assigned its '###' long-term rating, and stable outlook, to the New York State Urban Development Corp.'s $1.342 billion state personal income tax (PIT) revenue bonds (general purpose), series 2016A. Standard & Poor's also affirmed its '###' rating, with a stable outlook, on New York State's $31.7 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). 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 capital financing plan but coverage should remain strong. The state estimates that MADS coverage will...

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