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 $32.5 million series revenue anticipation notes (RANs). The rating reflects our opinion of BOCES': Strong projected debt service coverage (DSC) of 1.17x for series 2020 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 no direct control over receipts that BOCES believes may be affected due to current economic conditions, and Service-based revenue subject to fluctuation. BOCES'general obligation pledge and contractual service revenue of the component school districts secure the series 2020 RANs maturing June 30, 2021. The Tompkins-Seneca-Tioga BOCES covers nine component

...S&P Global Ratings assigned its 'SP-1' short-term rating to Tompkins-Seneca-Tioga Board of Cooperative Educational Services (BOCES), N.Y.'s $32.5 million series revenue anticipation notes (RANs). The rating reflects our opinion of BOCES': + Strong projected debt service coverage (DSC) of 1.17x for series 2020 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 no direct control over receipts that BOCES believes may be affected due to current economic conditions, and + Service-based revenue subject to fluctuation. BOCES' general obligation pledge and contractual service revenue of the component school districts secure the series 2020 RANs maturing June 30, 2021. The Tompkins-Seneca-Tioga BOCES covers nine component unit districts, with its purpose to provide services--educational or otherwise--to districts on a shared basis, which may be duplicative...

Summary