Summary: New York State Dormitory Authority New York State; Joint Criteria

Standard&Poor's Ratings Services confirmed its 'AAA/A-1' rating on New York State Dormitory Authority's (City University of New York) series 2008C city university system consolidated fifth generation resolution revenue bonds, issued on behalf of New York State, due to the bank facility being extended to Dec. 8, 2017. The long-term component of the rating is based jointly (assuming low correlation) on the ratings on the obligor, New York State, and the letter of credit provider, Bank of America N.A. The short-term component of the rating is based solely on the rating on Bank of America N.A. USPF Criteria: Municipal Applications For Joint Support Criteria, June 25, 2007 Criteria: Joint Support Criteria Update, April 22, 2009 Criteria: Methodology And Assumptions:

...Standard & Poor's Ratings Services confirmed its '###/A-1' rating on New York State Dormitory Authority's (City University of New York) series 2008C city university system consolidated fifth generation resolution revenue bonds, issued on behalf of New York State, due to the bank facility being extended to Dec. 8, 2017. The long-term component of the rating is based jointly (assuming low correlation) on the ratings on the obligor, New York State, and the letter of credit provider, Bank of America N.A. The short-term component of the rating is based solely on the rating on Bank of America N.A....

Summary