Summary: New York State New York State Urban Development Corp.; Sales Tax

S&P Global Ratings has assigned its 'AA+' rating to New York State Urban Development Corp.'s approximately $2.4 billion state sales tax revenue bonds, series 2021A (tax exempt) and 2021B (taxable). At the same time, S&P Global Ratings has affirmed its 'AA+' ratings on parity sales tax debt outstanding. The outlook is stable. We rate the bonds based on our "Priority-Lien Tax Revenue Debt" criteria (published Oct. 22, 2018, on RatingsDirect), which take into account both the strength and stability of the pledged revenues, as well as the general credit quality of the obligor where taxes are distributed and/or collected--in this case, New York State (general obligation [GO] rating: AA+/Stable). The bonds are secured by a dedication of state sales tax

...S&P Global Ratings has assigned its '##+' rating to New York State Urban Development Corp.'s approximately $2.4 billion state sales tax revenue bonds, series 2021A (tax exempt) and 2021B (taxable). At the same time, S&P Global Ratings has affirmed its '##+' ratings on parity sales tax debt outstanding. The outlook is stable. We rate the bonds based on our "Priority-Lien Tax Revenue Debt" criteria (published Oct. 22, 2018, on RatingsDirect), which take into account both the strength and stability of the pledged revenues, as well as the general credit quality of the obligor where taxes are distributed and/or collected--in this case, New York State (general obligation [GO] rating: ##+/Stable). The bonds are secured by a dedication of state sales tax in an amount equal to a 2% tax rate deposited in the sales tax revenue bond tax fund (STRBTF), subject to appropriation. The dedication is made from within New York State's existing sales tax collection and does not represent an increase in the...

Summary