The rating on the New York State Dormitory Authority is based on: The state's historical commitment to funding community college projects and operations; New York State's underlying creditworthiness; and Debt service payments subject to annual appropriation. Proceeds of bonds are sold to finance the state's (50%) share of $114 million of project costs on 15 community college campuses. Debt service will be paid from amounts appropriated by the state equal to each participating local sponsor's debt obligations. Each of the local sponsors has assigned its right to receive payments from the state to the Dormitory Authority . The local sponsors are directly responsible for financing the remaining 50% of project costs. Current annual appropriations by the state cover 100% of...
Companies mentioned in this report are:
- Dorm Auth of the St of New York
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. SHOW LESS READ MORE >