Standard&Poor's Ratings Services affirmed its 'A+' rating and stable outlook on New York State Dormitory Authority's separately secured series 2008C and 2008D, series 2009A through 2009E, series 2010A through 2010D, series 2011A through 2011D, and series 2012A through 2012E school district revenue bond financing program revenue bonds, issued for New York State. Each series of bonds is separately secured by payments from its own pool of school districts, which pay debt service on a weak link basis. We base the rating on statutory provisions provided by section 99-b of New York State Local Finance Law. This statute allows for the withholding of state aid due to a school district if the district does not make timely debt service
