Standard & Poor's Ratings Services affirmed its 'BBB' underlying rating (SPUR) on New York State Dormitory Authority's revenue bonds, issued for Jewish Board of Family and Children's Services (JBFCS). The 'BBB' rating reflects JBFCS': Solid liquidity position, with unrestricted cash and investments equal to 151 days' cash and 169% of debt; Long operating history more than a century long, with deep ties to the community; Broad array of services, with more than 185 programs at more than 90 locations in New York City and the surrounding N.Y. suburbs; and Strong historic public support, with about three-fourths of revenue derived from governmental sources, including New York State and New York City. Offsetting factors include thin bottom lines; heavy reliance on sometimes...
Companies mentioned in this report are:
- Dorm Auth of the St of New York
Action: Outlook: Stable
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