Standard&Poor's Ratings Services has affirmed its 'AA-' rating on New York Municipal Bond Bank Agency's special school purpose revenue bonds(prior year claims - New York City) series 2003C, and 2003D, and 2012A, issued for New York State. The outlook is positive. The rating reflects our view of: The credit quality of the state of New York ('AA/Positive' general obligation [GO] rating); The importance of state aid payments for education for New York City, subject to annual state appropriation; and A strong payment structure that has a statutory intercept of New York City state education aid to pay debt service, which is structured to be intercepted for debt service by the state comptroller before being paid to the city,
