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New York State Urban Development Corp. Personal Income Tax Revenue Bonds Rated 'AA' Nov 05

  • ID: 2032686
  • November 2005
  • Region: New York
  • Standard & Poors
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NEW YORK (Standard & Poor's) Nov. 4, 2005Standard & Poor's Ratings Services has assigned its 'AA' rating to New York State Urban Development Corp.'s $264.375 million state personal income tax revenue bonds series 2005B. The outlook is stable. The rating reflects the magnitude of the set-aside of the personal income tax for payments directly to the trustee, providing a strong security that effectively eliminates the risk of non-appropriation and protects against the potential for volatility in receipts; solid legal covenants mirroring a revenue bond structure, not an appropriation credit structure; the historic strength of the personal income tax and its significance as a revenue source to the state; and the strength of the economic foundation that supports the generation of...

Companies mentioned in this report are:
- New York State

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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Research type: News
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- New York State

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