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Summary: New York State Dormitory Authority Smithtown Special Library District; General Obligation Nov 08
Standard & Poors, November 2008
Standard & Poor's Ratings Services has assigned its 'AA' rating to New York State Dormitory Authority's $21 million series 2008 revenue bonds, issued for Smithtown Special Library District. The outlook is stable. In our opinion, the 'AA' rating reflects the library district's: Location in Suffolk County (GO debt rating AA/Stable) and participation in the diverse New York City metropolitan statistical area (MSA); Sizable property tax base with very strong wealth and income levels; Improved financial performance and strong reserves; and Low debt burden with limited capital needs. Securing the series 2008 bonds is a pledge to the trustee of payments to be made under a loan agreement between the authority and library. The agreement is a general obligation (GO) of...
Companies mentioned in this report are: Smithtown Spl Lib Dist,Smithtown,New York State Dorm Auth
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.
Smithtown Spl Lib Dist,Smithtown,New York State Dorm Auth