Standard&Poor's Ratings Services assigned its 'A+' long-term rating and stable outlook to the Dormitory Authority of the State of New York's (DASNY) series 2013A school district revenue bond financing program revenue bonds. The rating is based on statutory provisions provided by section 99-b of New York State Finance Law. This statute allows for the withholding of state aid due to the school district if the district does not make timely debt service payments. Standard&Poor's has historically treated the statutory provision as a credit enhancement. If a school district has adequate state aid coverage of debt service, it can achieve an 'A' rating. The bonds issued by DASNY on behalf of the districts are rated one notch
