Summary: New York State; Appropriation, Appropriation Jun 03

Standard & Poors, June 2003

Abstract
The 'AA-' rating on New York State Dormitory Authority's $70.440 million series 2003C-1 mental health services facilities improvement revenue bonds, $59.095 million series 2003D-1 mental health services facilities improvement revenue bonds, and $27.095 million series 2003E-1 taxable mental health services facilities improvement revenue bonds, supported by New York State, reflects: A strong legislative history of support for appropriation-backed debt; The security provided by financing agreements recently adopted that cover both state projects and voluntary agency projects; The substantial funds allocated by statute for debt repayment, including federal Medicaid reimbursement; and The project's strong essentiality. These bonds are part of a $1.1 billion refunding that will provide debt service savings to the state. This fixed-rate portion is expected to price on...

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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