Summary: New York State Dormitory Authority NYSARC Inc.; Human Service Providers Oct 11

Standard & Poors, October 2011

Abstract
Standard & Poor's Ratings Services has lowered its long-term rating and underlying ratings (SPURs) to 'A-' from 'A' on New York State Dormitory Authority's revenue debt, issued for NYSARC Inc. The outlook is stable. The downgrade reflects Standard & Poor's view of the expected revenue cuts for NYSARC in fiscal years 2011 and 2012 (a total of $54 million with an aggregate impact of 3% of revenue), which will likely strain financial operating performance in future years, although the degree of the impact is not yet known. Standard & Poor's believes risk related to the future growth of NYSARC's revenues, coupled with its light liquidity balance, is more indicative of an 'A-' rating. NYSARC is a large human services provider...

Companies mentioned in this report are:
- NYSARC, Inc.
- New York State Dorm Auth

Action: Downgraded
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 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.

- NYSARC, Inc.
- New York State Dorm Auth

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