Summary: New York State Dormitory Authority; School State Program

S&P Global Ratings assigned its 'AA' rating and stable outlook to New York State Dormitory Authority's (DASNY) series 2018C school-districts-revenue-bond-financing-program bonds. The rating reflects our view of the credit characteristics of pool-participant school districts, including Fayetteville-Manlius Central School District, Fairport Central School District, and Northville Central School District. In addition, we consider the additional security provided by statutory provisions in section 99-b of New York's State Finance Law and more than 1x maximum annual debt service coverage by state aid, including: An additional enhancement that increases the likelihood of the timely receipt of revenue from the state comptroller for debt-service payments; and A memorandum of understanding among the authority, comptroller, and state education department providing for advance notification of any

...S&P Global Ratings assigned its '##' rating and stable outlook to New York State Dormitory Authority's (DASNY) series 2018C school-districts-revenue-bond-financing-program bonds. The rating reflects our view of the credit characteristics of pool-participant school districts, including Fayetteville-Manlius Central School District, Fairport Central School District, and Northville Central School District. In addition, we consider the additional security provided by statutory provisions in section 99-b of New York's State Finance Law and more than 1x maximum annual debt service coverage by state aid, including: + An additional enhancement that increases the likelihood of the timely receipt of revenue from the state comptroller for debt-service payments; and + A memorandum of understanding among the authority, comptroller, and state education department providing for advance notification of any payment deficiencies from participating districts--The state aid payment otherwise due to the district...

Summary