Summary: New York City Transitional Finance Authority; Appropriations Jun 11
- ID: 1829140
- June 2011
- Region: New York
- Standard & Poors
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
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