Standard & Poor's Ratings Services assigned its 'AA' rating to New York State Urban Development Corporation's $555 million state personal income tax (PIT) revenue bonds, series 2004, reflecting: The magnitude of the set-aside of the PIT for payments directly to the trustee, providing a strong security that effectively eliminates the risk of nonappropriation 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 PIT and its significance as a revenue source to the state; and The strength of the economic foundation that supports the generation of the PIT. Proceeds of the bonds will be used to refund certain outstanding bonds and to fund...
Companies mentioned in this report are:
- New York State
- New York State Urban Dev Corp
Action: New Rating
Action: Outlook: Stable
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