Standard&Poor's Ratings Services affirmed its 'AA+' rating on New York State Dormitory Authority's series 2006 GNMA collateralized mortgage revenue bonds, issued for the St. Cabrini Nursing Home (Cabrini of Westchester Project). The bonds are secured by a GNMA (Ginnie Mae) mortgage-backed security. The outlook is negative. The rating reflects our view of the following strengths: The sufficiency of revenues to make full and timely debt service payments on the bonds plus fees until maturity; The extremely high credit quality of the Ginnie Mae security, considered to be 'AA+' eligible; The 101.11% asset-to-liability parity ratio as of Feb. 19, 2013; and The investments are held in Treasury strips (AAAm). The rating also reflects the sovereign rating on the U.S.
