Standard&Poor's Ratings Services affirmed its 'AA-' rating on certain bond issues of the New York State Dormitory Authority, issued for the State University of New York, secured by annual state general fund appropriations for debt service. The outlook is positive. We base the rating on the 'AA' general obligation (GO) rating on the state of New York, and pledged state payments that are subject to annual appropriation by New York State. (For more information, refer to the most recent New York State GO rationale, published Dec. 6, 2013, on RatingsDirect.) The positive outlook reflects our outlook on New York State's GO bonds. USPF Criteria: Appropriation-Backed Obligations, June 13, 2007
