Summary: New York State Dormitory Authority; Appropriations Nov 06

Standard & Poors, November 2006

Abstract
The 'AA-' rating on New York State Dormitory Authority's secured hospital program revenue bonds reflects: The ultimate obligation of the New York State to make service contract payments subject to annual appropriation, The general creditworthiness of the state, and The state's demonstrated commitment to repaying its appropriation-backed obligations. Under the service agreement, the budget director agrees to request an appropriation annually to cover all debt service obligations associated with the secured hospital program. This appropriation is included in the debt service bill, but to date no secured hospital bond has required actual cash funding. The state's obligation under the service contract is absolute and unconditional, subject to legislative appropriation. The term of the service contract extends for the life of...

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

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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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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