S&P Global Ratings assigned its'SP-1+'rating to Tompkins-Seneca-Tioga Board of Cooperative Educational Services (BOCES), N.Y.'s approximately $32.9 million 2023 revenue anticipation notes (RANs). BOCES'pledge of component school districts'contractual service revenue secures the series 2023 RANs, which mature on June 28, 2024. BOCES has no taxing power. The RAN proceeds are in anticipation of revenue collection for contracted services from member districts during fiscal 2024. The rating reflects our view of Tompkins-Seneca-Tioga BOCES': Strong projected debt service coverage (DSC) of 1.33x from operating cash at note maturity; Consistent revenue receipts, primarily charges for services; Demonstrated market access; and Service-based revenue, subject to volatility, although the component school districts'track record of paying for contracted services in full and
