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S&P gives AA/A-1+ to N.Y. Urban Development bonds
Standard & Poor's said it assigned an AA/A-1+ rating to New York State Urban Development Corp.'s series 2008A-1 service contract revenue refunding bonds and an AA-/A-1+ rating to the $100 million series 2008A-5 bonds.
The series 2008A-1 bonds are due Jan. 1, 2030. No due date was given for series 2008A-5.
The outlook is stable.
Ratings are based on letters of credit from Wachovia Bank NA for series 2008A-1 and TD Bank NA for series 2008A-5. Both banks are rated AA/A-1+ by S&P.
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