The rating on Hamburg Central School District, N.Y.'s bonds and bond anticipation notes (BANs) reflects the school district's eligibility for, and participation in, the New York State Aid Intercept Program. The credit characteristics of the program are supported by the strength and availability of state aid to the intercept program participants. Standard&Poor's Ratings Services rates four different types of state programs, in more than 20 states, that provide enhancement for school bond issues. These program types include state guarantee, permanent fund, annual appropriation, and state intercept or withholding programs. Each state program is analyzed according to the program type and the rating is based on the characteristics of the particular program and funding mechanisms. New York is one
