Summary: Tompkins-Seneca-Tioga Board Of Cooperative Educational Services, New York; Note

S&P Global Ratings assigned its'SP-1'short-term rating to Tompkins-Seneca-Tioga Board of Cooperative Educational Services (BOCES), N.Y.'s series 2019 revenue anticipation notes (RANs). The rating reflects our opinion of BOCES': Strong projected debt service coverage (DSC) of 1.26x from operating cash at note maturity, Consistent revenue receipts, and Demonstrated market access. We believe somewhat offsetting factors are, what we consider, BOCES': Absence of taxing power; and Service-based revenue, subject to fluctuation. BOCES'pledge of revenue from contractual services of the component school districts secures the series 2019 RANs, maturing June 30, 2020. BOCES is issuing the RANs in anticipation of revenue collection for contracted services from its member districts during fiscal 2020. BOCES is issuing RANs to pay for operational

...S&P Global Ratings assigned its 'SP-1' short-term rating to Tompkins-Seneca-Tioga Board of Cooperative Educational Services (BOCES), N.Y.'s series 2019 revenue anticipation notes (RANs). The rating reflects our opinion of BOCES': + Strong projected debt service coverage (DSC) of 1.26x from operating cash at note maturity, + Consistent revenue receipts, and + Demonstrated market access. We believe somewhat offsetting factors are, what we consider, BOCES': + Absence of taxing power; and + Service-based revenue, subject to fluctuation. BOCES' pledge of revenue from contractual services of the component school districts secures the series 2019 RANs, maturing June 30, 2020. BOCES is issuing the RANs in anticipation of revenue collection for contracted services from its member districts during fiscal 2020. BOCES is issuing RANs to pay for operational costs before districts pay for services. Payment for services rendered is due in May; any additional billing takes place in June. The series 2019...

Summary