Summary: New York State; Appropriation, Appropriation Feb 04

Standard & Poors, February 2004

Abstract
The 'AA-' rating on New York State Dormitory Authority's revenue bonds (upstate community college) series 2004, issued for New York State, is based on: Debt service payments subject to annual appropriation; The state's historical commitment to funding community college projects and operations; New York State's underlying creditworthiness ('AA' GO rating); and The state's demonstrated commitment, within both the administration and legislature, to repaying appropriation-backed bond obligations. Debt service will be paid from amounts appropriated by the state to cover its 50% share of capital costs/debt service to each participating local sponsor. Each of the local sponsors has assigned its right to receive payments from the state to the dormitory authority. The local sponsors are directly responsible for financing the remaining...

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

Action: New Rating

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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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