Summary: New York State; Appropriation, Appropriations Jan 05

Standard & Poors, January 2005

Abstract
Standard & Poor's Ratings Services assigned its 'AA-' rating to New York State Dormitory Authority's approximately $561.5 million of various series of mental health services facilities improvement revenue bonds, reflecting: A strong legislative history of support for appropriation-backed debt; The security provided by financing agreements that cover both state projects and voluntary agency projects; Substantial funds allocated by statute for debt repayment, including federal Medicaid reimbursement; and Strong project essentiality. The authority is currently issuing fixed-rate bonds as part of a combined refunding and new money issuance; about $350 million bonds will be used for refundings. The savings from the entire refunding program are weighted to the next four fiscal years; total savings is about $8 million, and present value...

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

Action: Affirmed
Action: New Rating
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.

- New York State
- New York State Dorm Auth

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