Standard&Poor's Ratings Services assigned its 'AA' rating to New York State Dormitory Authority's (DASNY) secured hospital revenue refunding bonds (Wyckoff Heights Medical Center), series 2015A. The outlook is stable. We base the rating on the state's obligation to make service contract payments subject to annual appropriation, New York's general creditworthiness (general obligation [GO] rating: 'AA+/Stable'), and the state's demonstrated commitment to repay its appropriation-backed obligations. Pursuant to the terms of the service contract, the budget director agrees to request an appropriation annually to cover all debt service obligations associated with the secured hospital program. The state's obligation under the service contract is absolute and unconditional, subject to legislative appropriation. The term of the service contract extends for the
