Standard&Poor's Ratings Services affirmed its 'A+' rating and stable outlook on New York State Dormitory Authority's series 2012A, 2012D, 2012E, and 2015F series school district revenue bond financing program revenue bonds, issued for New York State. 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 what we consider adequate state aid coverage of debt service, we would rate it 'A'. We rate the bonds issued by the
