Fitch rates N.Y. urban development bonds AA-/F1+, AAA/F1+

Fitch Ratings said it assigned a rating of AA-/F1+ to New York State Urban Development Corp.'s $100 million 2008A-1 and $100 million series 2008A-5 service contract revenue refunding bonds. The maturity date is Jan. 1, 2030.

Fitch also assigned an AAA/F1+ rating to the corporation's $75 million series 2008A-2, $25 million series A-3 and $120 million series 2008A-4.

The ratings are based on letters of credit from Wachovia Bank, NA (for series 2008A-1) and TD Bank, NA (for series 2008A-5) and separate standby bond purchase agreements from JPMorgan Chase Bank, NA for series 2008A-2, 2008A-3 and 2008A-4.

All of the bonds are expected to be delivered on June 24. Proceeds will be used to refinance outstanding bonds of the issuer.

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