Cornell University, NY Bond Rating Revised To 'AA+/A-1+' On Standby Purchase Agreements Apr 08
- ID: 1953909
- April 2008
- Region: New York
- Standard & Poors
NEW YORK (Standard & Poor's) April 3, 2008--Standard & Poor's Ratings Services revised its rating on Dormitory Authority of the State of New York's series 2004A and 2004B revenue bonds, issued for Cornell University, to 'AA+/A-1+' from 'AA+/Stable', reflecting two standby bond purchase agreements (SBPAs) provided by HSBC Bank USA N.A. ('AA/A-1+'). The long-term component of the rating for both series is based on the underlying rating on Cornell University ('AA+/Stable') and represents the likelihood that the debt service will be repaid over the life of the issues. The short-term component of the rating on each series represents the likelihood of payment of tenders and reflects an SBPA, provided by HSBC Bank USA N.A. ('AA/A-1+'). The bonds for both series...
Companies mentioned in this report are:
- Cornell Univ
- New York State Dorm Auth
Action: New Rating
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