S&P Global Ratings assigned its'SP-1+'short-term rating to Tompkins-Seneca-Tioga Board of Cooperative Educational Services (BOCES), N.Y.'s $33.8 million series revenue anticipation notes (RANs). BOCES'general obligation pledge and contractual service revenue of the component school districts secure the series 2022 RANs maturing June 30, 2023. The'SP-1+'short-term rating reflects our view of the district's very strong capacity to pay the notes at maturity. The district's component districts are contractually obligated to pay for the service provided by BOCES and there is no history of breach of contract. Importantly, BOCES does not have taxing power. Its main revenue source is charges for services, which account for approximately 95% of total revenue. The rating reflects our opinion of BOCES': Strong
