Summary: New York State Dormitory Authority; Multifamily FHA Insurance Mar 08

Standard & Poors, March 2008

Abstract
Standard & Poor's Ratings Services affirmed its 'AAA' rating on New York State Dormitory Authority's FHA-insured mortgage revenue bonds (Menorah Campus Project) series 1997. The bonds are secured by a mortgage loan insured by FHA under section 232 of the National Housing Act. Other rating factors include: The extremely high credit quality of the mortgage loan collateral; Sufficiency of reserves to cover any potential shortfalls; An asset-to-liability position of 103.40% as of July 31, 2007; Sufficiency of assets and revenues to pay debt service and expenses; and The credit quality of investments. The bonds are secured by a mortgage loan, which is insured under section 232 of the National Housing Act. Should the mortgagor default under its obligations under the...

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

Action: Affirmed

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.

- New York State Dorm Auth

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