Summary: New York State Dormitory Authority Kaleida Health; Multifamily FHA Insurance Jan 09

Standard & Poors, January 2009

Abstract
Standard & Poor's Ratings Services affirmed its 'AAA' rating on New York State Dormitory Authority's FHA-insured mortgage revenue bonds (Kaleida Health) series 2004. The bonds are secured by a mortgage loan, which is insured under section 242 of the National Housing Act. The rating reflects: The extremely high credit quality of the FHA-insured mortgage loan collateral; Sufficiency of assets and revenues to pay debt service and expenses; A debt service reserve fund sized at eight months' debt service on the bonds; Extremely strong investment quality; and An asset-to-liability position of 104.11%. The bonds were issued to refund a prior series 1994B bond issue and pay the cost of issuance of this series of bonds. The bonds are secured by a...

Companies mentioned in this report are:
- New York State Dorm Auth

Action: Affirmed

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.

- New York State Dorm Auth

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