Standard&Poor's Ratings Services assigned its 'AAA' long-term rating, and stable outlook, to the New York State Urban Development Corp.'s $1.324 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 fiscal 2015 actual revenues and 3.9x based
