Standard&Poor's Ratings Services has affirmed its 'AAA' long-term rating on New York State Dormitory Authority's series 2003 D-2E mental health services facility improvement revenue bonds, following our recent upgrade on New York State's appropriation secured ratings to 'AA/Stable'. We base the rating on our joint support criteria, with the combined support of a letter of credit from the Royal Bank of Canada (AA-/Negative/A-1+) and the security of state general fund annual appropriations, as well as our view of the general creditworthiness of New York State (general obligation [GO] rating: AA+/Stable) based on the application of our low correlation joint criteria. For more information on the creditworthiness of New York State, see the most recent state GO rationale published
