Summary: New York State Environmental Facilities Corp.; State Revolving Funds/Pools Jun 11

Standard & Poors, June 2011

Abstract
Standard & Poor's Rating Services assigned its 'AAA' rating, with a stable outlook, to New York State Environmental Facilities Corp.'s (NYSEFC or the corporation) state revolving funds (SRF) revenue bonds (2010 master financing program, series 2011C). At the same time, Standard & Poor's affirmed its 'AAA' rating on the corporation's parity bonds outstanding issued under the 2010 master financing indenture (MFI) program. The 'AAA' rating reflects our assessment of: Demonstrated default tolerance of the program, which is supported at Standard & Poor's 'AAA' rating level; Strong built-in cash flow coverage derived from the pledge of leveraged and direct loan repayments as a result of NYSEFC contracted subsidy levels coupled with additional de-allocated reserve account and equity support cash flows available...

Companies mentioned in this report are:
- New York St Envir Facs Corp

Action: Affirmed
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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- New York St Envir Facs Corp

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