New York State Dormitory Authority Long Island University; Joint Criteria Mar 11
Standard & Poors, March 2011
Abstract
Standard & Poor's Ratings Services affirmed its 'BBB-' underlying rating (SPUR) on New York State Dormitory Authority's existing 2006A-2 bonds, issued for Long Island University (LIU). The outlook is stable. Standard & Poor's also affirmed its 'AAA/A-1+' rating on LIU's series 2006A-2 bonds. The long-term component of the rating is based on the joint support assuming low correlation of LIU and a confirming letter of credit (LOC) provided by Federal Home Loan Bank of Boston (AAA/A-1+). The short-term component of the rating is based solely on the LOC provided by Federal Home Loan Bank of Boston. The 'BBB-' SPUR reflects our assessment of LIU's: Operating surplus performance on a generally accepted accounting principles (GAAP) basis, with an $8.6 million surplus...
Companies mentioned in this report are:
- Long Island University
- 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.
Research Type: Full Analysis
- Long Island University
- New York State Dorm Auth
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