Standard&Poor's Ratings Services affirmed its 'AA+' rating on New York State Dormitory Authority's (DASNY) series 2012G school districts revenue bond financing program revenue refunding bonds. The outlook is stable. The rating reflects our view of: The credit characteristics of the participant school districts; and The statutory provisions provided by section 99-b of New York State Finance Law and more than 1x maximum annual debt service coverage by state aid. The DASNY program has added layers of protection, including: An additional timing enhancement that increases the likelihood of the timely receipt of revenue from the state comptroller for debt service payment; and A memorandum of understanding among the authority, the comptroller, and the state education department providing for advance
