Summary: New York State; Appropriation, Appropriations Mar 05
- ID: 1951753
- March 2005
- Region: New York
- Standard & Poors
The 'AAA' long-term component rating on New York State Dormitory Authority's upstate community colleges revenue bonds series 2005C is based on a municipal bond insurance policy provided by CIFG Assurance North America Inc. (rated 'AAA'). The 'A-1+' short-term component rating on the bonds is based on an SBPA provided by Depfa Bank (rated 'A-1+'). The 'AA-' Standard & Poor's underlying rating (SPUR) on the bonds reflects: Debt service payments subject to annual state appropriation; New York State's historical commitment to funding the operating and capital requirements of the community college system; The underlying creditworthiness of New York State ('AA' GO debt rating); and The state's demonstrated commitment, within both the administration and legislature, to repaying appropriation-backed bond obligations. The bonds...
Companies mentioned in this report are:
- New York State
- Dorm Auth of the St of New York
Action: New Rating
Action: Outlook: Stable
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