The 'A+' rating on New York State Dormitory Authority's school district revenue bond financing program revenue bonds series 2005A-C is based on statutory provisions provided by section 99-b of the New York State Local Finance Law. This statute allows for the withholding of state aid due to the school district if the district does not make timely debt service payments. Standard & Poor's Ratings Services has historically treated the statutory provision as a credit enhancement. If a school district has adequate state aid coverage of debt service, an 'A' rating can be achieved. The bonds issued by the dormitory authority on behalf of the districts are rated higher due to some added credit enhancement, including: An additional timing enhancement that...
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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