S&P Global Ratings assigned its 'AA' rating to New York State Dormitory Authority's (DASNY) roughly $66.4 million series 2024D school-districts-revenue-bond-financing-program revenue bonds. The outlook is stable. The participant school districts' full-faith-and-credit general-obligation pledge secures the bonds. No district is responsible for another district's payments. Section 99-b of State Finance Law, which authorizes the withholding of state aid by the state comptroller to pay debt service for a school district, applies to all participating districts' bonds issued to DASNY under DASNY's program. We consider the additional security provided by the district's participation in the DASNY program, which we rate three notches below the New York State issuer credit rating. The program reflects the ability to intercept state school aid to pay
