Summary: Dormitory Authority of the State of New York; School State Program - S&P Global Ratings’ Credit Research

Summary: Dormitory Authority of the State of New York; School State Program

Summary: Dormitory Authority of the State of New York; School State Program - S&P Global Ratings’ Credit Research
Summary: Dormitory Authority of the State of New York; School State Program
Published Apr 27, 2022
7 pages (2844 words) — Published Apr 27, 2022
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

S&P Global Ratings assigned its 'AA' rating and stable outlook to  New York State Dormitory Authority's (DASNY) roughly $21.8 million series 2022B school-district-revenue-bond-financing-program revenue bonds. The rating reflects our view of the credit characteristics of pool-participant school districts:  Fayetteville-Manlius Central School District and  Florida Union Free School District. The participant school districts' full-faith-and-credit general-obligation pledge secures the bonds. No district is responsible for another district's payments. Section 99-b of State Finance Law, which authorizes the withholding of state aid by the state comptroller to pay debt service for a school district, applies to all participating districts' bonds issued to DASNY under DASNY's program. We consider the additional security provided by the district's participation in the DASNY program, which we rate three

  
Brief Excerpt:

...S&P Global Ratings assigned its '##' rating and stable outlook to New York State Dormitory Authority's (DASNY) roughly $21.8 million series 2022B school-district-revenue-bond-financing-program revenue bonds. The rating reflects our view of the credit characteristics of pool-participant school districts: Fayetteville-Manlius Central School District and Florida Union Free School District. The participant school districts' full-faith-and-credit general-obligation pledge secures the bonds. No district is responsible for another district's payments. Section 99-b of State Finance Law, which authorizes the withholding of state aid by the state comptroller to pay debt service for a school district, applies to all participating districts' bonds issued to DASNY under DASNY's program. We consider the additional security provided by the district's participation in the DASNY program, which we rate three notches below the New York State issuer credit rating. The program reflects the ability to intercept...

  
Report Type:

Summary

Ticker
2338Z
Issuer
Dormitory Authority of the State of New York
Sector
Global Issuers, Public Finance, Structured Finance
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Summary: Dormitory Authority of the State of New York; School State Program" Apr 27, 2022. Alacra Store. May 23, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Summary-Dormitory-Authority-of-the-State-of-New-York-School-State-Program-2830949>
  
APA:
S&P Global Ratings’ Credit Research. (). Summary: Dormitory Authority of the State of New York; School State Program Apr 27, 2022. New York, NY: Alacra Store. Retrieved May 23, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-Dormitory-Authority-of-the-State-of-New-York-School-State-Program-2830949>
  
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