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: New Rating
Action: Outlook: Stable
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.