S&P Global Ratings raised its long-term rating and underlying rating (SPUR) to 'AA' from 'AA-' on Hudson Yards Infrastructure Corp. (HYIC), N.Y.'s revenue bonds outstanding. The outlook, in line with that on New York City, is stable. The upgrade reflects progress and ongoing development at Hudson Yards that has led to increased payments in lieu of (real estate) taxes (PILOTs), which are now more than sufficient to cover debt service payments, mitigating the risk of nonappropriation of the city's tax equivalency payments (TEPs) and allowing us to align the rating on HYIC with that on New York City. The corporation's bonds outstanding are special obligations of HYIC secured by and payable solely from net revenue, including recurring PILOTs and TEPs,
