S&P rates N.Y. urban development refunding bonds AA-

Standard & Poor's said it assigned an AA- rating to New York State Urban Development Corp.'s $455 million service contract revenue refunding bonds, series 2008B. The outlook is stable.

The bonds are due Jan. 1, 2030.

S&P also affirmed the AA- rating on the agency's outstanding debt.

The bonds are being issued under recently enacted legislation that allows the state to issue refunding bonds for various conduits on a consolidated issuance basis; proceeds will refund bonds issued for state buildings, certain housing, state corrections and other projects.

Simultaneously with this issue, the corporation will be issuing variable-rate series 2008A service contract revenue refunding bonds.

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