Standard&Poor's Ratings Services assigned its 'AA-' rating on New York State Dormitory Authority's (DASNY) series 2016C school districts revenue bond financing program revenue refunding bonds. The outlook is stable. The rating reflects our view of the following factors: The credit characteristics of the participant school districts, The statutory provisions provided by section 99-b of New York State Local Finance Law and more than 1x maximum annual debt service coverage by state aid, and The strength and additional enhancements of the DASNY program. The program has added layers of protection, including: An additional 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
