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Fitch Rates NY State Empire State Dev Corp $1.5B PIT Bonds 'AA-'; Outlook Stable.

Publication: Wireless News
Publication Date: 11-NOV-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Fitch Ratings announced it assigned an 'AA-' rating to $1.5 billion Empire State Development (New York State Urban Development) state personal income tax (PIT) revenue bonds (general purpose), consisting of:

--$501,510,000 series 2009C,

--$224,120,000 series 2009D (federally taxable),

--$775,615,000 series 2009E (federally taxable-Build America Bonds).

The bonds are scheduled to sell the week of Nov. 16, through negotiation, and the par amounts are subject to change. Fitch also affirms the 'AA-' rating on approximately $16.8 billion outstanding PIT revenue bonds issued by New York state agencies. The Rating Outlook is Stable.

Underlying the 'AA-' rating on the PIT bonds is the importance of the PIT to state finances (historically about 60 percent...

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