Standard&Poor's Ratings Services affirmed its 'A+' rating and stable outlook on New York State Dormitory Authority's series 2011E, 2011F, 2011G, and 2011H school district revenue bond financing program revenue bonds, issued for New York State. Each bond series is separately secured by payments from a pool of individual school districts on a several basis. We base the rating on statutory provisions provided by section 99-b of New York State Local 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
