New York State Urban Development Corp. PIT Bond Short-Term Ratings Lowered To 'A-1'; Series 2011A&B Bonds Rated 'AAA' Dec 11

Standard & Poors, December 2011

Abstract
NEW YORK (Standard & Poor's) Dec. 7, 2011--Standard & Poor's Ratings Services lowered its short-term rating to 'A-1' from 'A-1+' on New York State Urban Development Corp.'s series 2004A-3 and state personal income tax (PIT) (economic development & housing) revenue bonds' and New York State Housing Finance Agency's series C PIT bonds' variable-rate demand feature to reflect the recent downgrade on J.P. Morgan Chase Bank N.A. (A+/Stable/A-1). Standard & Poor's also assigned its 'AAA' long-term rating, and stable outlook, to the corporation's PIT revenue bonds (general purpose), series 2011A and series 2011B (federally taxable). At the same time, Standard & Poor's affirmed its 'AAA' rating, with a stable outlook, on the state's PIT revenue bonds outstanding issued by various conduit...

Companies mentioned in this report are:
- New York State
- New York St Hsg Fin Agy

Action: Affirmed
Action: Downgraded
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.

- New York State
- New York St Hsg Fin Agy

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