Summary: New York St Dorm Auth; Appropriation, Appropriation Nov 01

Standard & Poors, November 2001

Abstract
New York State Dormitory Authority's lease revenue bonds are secured by a GO pledge of the Nassau County Board of Cooperative Educational Services (BOCES), with additional credit enhancement of an intercept of state aid by the New York State Comptroller. The 'A+' rating reflects the following: The statutory intercept of state aid payments by the New York State Comptroller, which will be paid directly to the trustee to cover debt service payments due to the authority. Strong coverage of debt service payments by state aid eligible for intercept. Fiscal 2001 state aid revenues of $25 million covered maximum annual debt service on this issue by 8.76 times. The GO pledge of BOCES, which has no taxing authority but receives revenue...

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

Action: New Rating

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- New York State Dorm Auth

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