New York State Dormitory Authority's 2012G Revenue Refunding Bonds Downgraded To 'AA-' From 'AA+'

NEW YORK (S&P Global Ratings) Jan. 22, 2018--S&P Global Ratings has lowered its long-term rating two notches to 'AA-' from 'AA+' on New York State Dormitory Authority's (DASNY) series 2012G school districts revenue bond financing program revenue refunding bonds. The outlook is negative. The downgrade reflects the deteriorated credit quality of one member district--Eastport South Manor Union Central School District (CSD). "The CSD has continually used draws on reserves to balance its budget," said S&P Global Ratings credit analyst Tiffany Tribbitt. DASNY issued the 2012G bonds on behalf of Eastport-South Manor CSD (AA-/Negative) and Longwood CSD (AA+/Stable). The rating reflects our view of: The participating districts' credit characteristics; and The statutory provisions provided by section 99-b of New York State

...NEW YORK (S&P Global Ratings) Jan. 22, 2018--S&P Global Ratings has lowered its long-term rating two notches to '##-' from '##+' on New York State Dormitory Authority's (DASNY) series 2012G school districts revenue bond financing program revenue refunding bonds. The outlook is negative. The downgrade reflects the deteriorated credit quality of one member district--Eastport South Manor Union Central School District (CSD). "The CSD has continually used draws on reserves to balance its budget," said S&P Global Ratings credit analyst Tiffany Tribbitt. DASNY issued the 2012G bonds on behalf of Eastport-South Manor CSD (##-/Negative) and Longwood CSD (##+/Stable). The rating reflects our view of: + The participating districts' credit characteristics; and + The statutory provisions provided by section 99-b of New York State Finance Law and more than 1x maximum annual debt service coverage by state aid. All bonds represent a faith-and-credit general obligation pledge of the participant school districts....

Ratings Action