Summary: New York State Dormitory Authority; School State Program

S&P Global Ratings revised the outlook on its 'AA-' rating on New York State Dormitory Authority's (DASNY) series 2012G school-districts-revenue-bond-financing-program revenue refunding bonds to stable from negative and affirmed the rating. The outlook revision reflects our opinion of the stabilized credit quality of Eastport-South Manor Central School District. The district has made structural changes to its revenue and expenses, and it expects to close with its second straight surplus in fiscal 2019. (For more information on Eastport-South Manor Central School District, please see the analysis, published May 7, 2019, on RatingsDirect.) DASNY issued the series 2012G bonds on behalf of Eastport-South Manor Central School District and Longwood Central School District. The rating reflects our opinion of: The participating districts' credit

...All bonds represent a faith-and-credit general-obligation pledge of participating school districts. No district is responsible for another district's payments. When evaluating the rating, we first apply our multiple-revenue-streams criteria. In our view, when different obligors pledge revenue on a several basis and each revenue stream is necessary to pay debt service, the rating reflects our assessment of the credit quality of the pledged revenue stream with the weakest credit quality....

Summary