Standard&Poor's Ratings Services affirmed its 'A+' long-term rating and stable outlook on New York State Dormitory Authority's master board of cooperative educational services (BOCES) program lease revenue refunding bonds, supported by New York State, issued for St. Lawrence-Lewis Counties BOCES. The bonds have the same structure as numerous other lease revenue bonds issued for other BOCES in the state. The BOCES' general obligation (GO) pledge to make basic rent payments to the trustee secures the authority's series 2011 lease revenue bonds on a subordinate basis to the series 2007 GO bonds outstanding. The state comptroller's statutory authority to intercept state aid payments due to the BOCES provides additional credit enhancement. The rating reflects our opinion of: The statutory
