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Summary: New York City Transitional Finance Authority; Appropriations Jun 11

  • ID: 1829140
  • June 2011
  • Region: New York
  • Standard & Poors
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Abstract
Standard & Poor's Ratings Services assigned its 'AA-' rating, and stable outlook, to New York City Transitional Finance Authority's (TFA) $200 million state building aid revenue bonds fiscal 2011 subseries S-2A (tax-exempt) and $100 million S-2B (qualified school construction bonds). The rating reflects what we view as: Strong bond provisions established under statute and indenture directing the flow of building aid directly to the trustee for the benefit of bondholders; The stability of the building aid flow to New York City, along with the state's steady commitment to fund this program over time even in difficult budget periods; Strong debt service coverage levels from building aid that is confirmed on previously approved projects; The capture of building aid in the...

Companies mentioned in this report are:
- New York City Transitional Fin Auth

Action: New Rating
Action: Outlook: Stable

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 READ MORE >

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- New York City Transitional Fin Auth

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