Standard&Poor's Ratings Services affirmed its 'A+' rating on the New York State Dormitory Authority's series 2008 master Board of Cooperative Educational Services (BOCES) program lease revenue bonds, issued on behalf of the Oneida, Herkimer, and Madison (OHM) Board of Cooperative Educational Services. The series 2010 bonds have the same structure as numerous other lease revenue bonds issued on behalf of other BOCES in the state. Under the respective lease agreement, the authority's lease revenue bonds are secured by a general obligation (GO) pledge of the BOCES, with additional credit enhancement based on the state comptroller's statutory authority to intercept state aid payments due to the BOCES. The 'A+' rating reflects: The statutory intercept of state aid payments by
