Summary: New York State Dormitory Authority Wagner College; Letter of Credit Jan 09

Standard & Poors, January 2009

Abstract
Standard & Poor's Ratings Services assigned its 'AA-/A-1+' rating to New York State Dormitory Authority's (Wagner College) revenue bonds series 2009 based on the direct-pay, irrevocable letter of credit (LOC) provider, TD Bank N.A. (AA-/A-1+). The LOC provides coverage for payment of principal and interest on the bonds for a maximum 35 days of interest coverage at 12% annually. The LOC provides coverage for bonds in the weekly or daily rate mode, but the bonds will initially bear interest in the weekly rate mode. The bonds may be converted to a daily rate, term rate, or fixed-interest rate mode. Upon a conversion to a mode other than the daily or weekly rate modes, there will be a mandatory tender, and...

Companies mentioned in this report are: Wagner Coll,New York State Dorm Auth
Action: New Rating

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Wagner Coll,New York State Dorm Auth

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