Summary: New York State Dormitory Authority St. John's University; Joint Criteria

Standard&Poor's Ratings Services confirmed its 'AAA/A-1' rating on New York State Dormitory Authority's series 2008B-1 variable-rate demand refunding bonds, issued for St. John's University, due to the bank facility being extended to Oct. 30, 2017. The long-term component of the rating is based jointly (assuming low correlation) on the ratings on the obligor, St John's University, and the letter of credit provider, Bank of America N.A. The short-term component of the rating is based solely on the short-term rating on Bank of America N.A. USPF Criteria: Municipal Applications For Joint Support Criteria, June 25, 2007 Criteria: Joint Support Criteria Update, April 22, 2009 Criteria: Methodology And Assumptions: Approach To Evaluating Letter Of Credit-Supported Debt, Feb. 20, 2015

...Standard & Poor's Ratings Services confirmed its '###/A-1' rating on New York State Dormitory Authority's series 2008B-1 variable-rate demand refunding bonds, issued for St. John's University, due to the bank facility being extended to Oct. 30, 2017. The long-term component of the rating is based jointly (assuming low correlation) on the ratings on the obligor, St John's University, and the letter of credit provider, Bank of America N.A. The short-term component of the rating is based solely on the short-term rating on Bank of America N.A....

Summary