Standard&Poor's Ratings Services has raised its rating on New York Municipal Bond Bank Agency's special school purpose revenue bonds (prior year claims -- New York City) series 2012A to 'AA' from 'AA-'. The outlook is stable. We base the upgrade on our general obligation (GO) rating on New York State (AA+/Stable) and adequate coverage of debt service by direct payment state education aid to New York City. The rating reflects our view of: The credit quality of the state of New York; The importance and stability 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
