Standard&Poor's Ratings Services assigned its 'A+' long-term rating and stable outlook to the New York State Dormitory Authority's (DASNY) series 2015D and 2015F school district revenue bond financing program revenue bonds. We base the rating 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 maximum annual debt service (MADS), it can achieve an 'A' rating. The bonds issued by DASNY on behalf of the districts are rated
