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Buffalo & Erie County Industrial Land Development Corp., New York Buffalo State College Foundation Housing Corp.; Auxiliary - Stand Alone May 11
Standard & Poors, May 2011
Abstract
Standard & Poor's Ratings Services has assigned its 'A+' long-term rating to the Buffalo & Erie County Industrial Land Development Corp., N.Y.'s series 2011A (tax exempt) and 2011B (taxable) bonds issued for Buffalo State College Foundation Housing Corp. (BSCFHC) in the par amount of $45.175 million and $410,000, respectively. Primarily, we based the rating on the very strong nexus between the State University of New York (SUNY) system and its agreement with the BSCFHC, which, in our opinion, is equivalent to a lease-vacancy agreement. BSCFHC is a New York not-for-profit organized for the purpose of the construction and rental of housing for Buffalo State College (BSC) of New York. BSCFHC will use bond proceeds to prepay its construction financing loans...
Companies mentioned in this report are: Buffalo State College Housing Corporation,Buffalo & Erie County Industrial Land Dev Corp.
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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