New York State Dormitory Authority New York State; Appropriation, Appropriations Nov 04
- ID: 1953991
- November 2004
- Region: New York
- Standard & Poors
The 'AA-' rating on New York State Dormitory Authority's secured hospital program revenue bonds (Catskill Regional Medical Center) series 2004 reflects: The ultimate obligation of the state to make service contract payments subject to annual appropriation, The general creditworthiness of New York State, and The state's demonstrated commitment to repaying its appropriation-backed obligations. Under the service agreement, the budget director agrees to request an appropriation annually to cover all debt service obligations associated with the secured hospital program. This appropriation is included in the debt service, but to date, no secured hospital bond has required actual cash funding. The state's obligation under the service contract is absolute and unconditional, subject to legislative appropriation. The term of the service contract extends...
Companies mentioned in this report are:
- New York State
- New York State Dorm Auth
Action: New Rating
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Research Type: Full Analysis