--$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, 2009 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% of tax receipts), the ample portion of PIT set aside for debt service, the trapping of funds if appropriation is not made, and the 2 times (x) additional bonds test (ABT). Due to these strengths, the rating on PIT bonds is equal to that assigned to the state of New York's general obligation (GO) debt despite the appropriation requirement. The temporary PIT rate increase included in the state's fiscal 2010 enacted budget bolsters the PIT revenue stream in the current economic downturn. However, based on downwardly revised revenue estimates released with the midyear update to the state's financial plan on Oct. 30, 2009, revenues are still expected to fall 5% in fiscal 2010. Debt service coverage remains strong.

Although payment of debt service on PIT bonds is subject to appropriation, each month an amount equal to 25% of estimated available PIT revenue (i.e. receipts after refunds) is deposited into the revenue bond tax fund from the withholding portion of the tax. After retention of 125% of financing agreement payments for PIT bonds due in the succeeding month, excess moneys are transferred to the state's general fund. Should amounts in the revenue bond tax fund be insufficient, the state comptroller is required to transfer from the general fund without the need for further appropriation. If no appropriation is made, deposits to the revenue bond tax fund are trapped and cannot be used (except for GO debt, if necessary), depriving the state of the moneys in excess of debt service. The 35% interest subsidy to be received from the U.S. Treasury for the 2009E Build America Bonds is expected to be deposited to the credit of the state and is not pledged as security for the bonds.

Available PIT revenue, as defined in statute, rose from $30.6 billion in fiscal 2007 to $36.6 billion in fiscal 2008.