Tompkins-Seneca-Tioga Board of Cooperative Educational Services, NY Series 2024 RANs Assigned'SP-1+'Rating

CHICAGO (S&P Global Ratings) Oct. 25, 2024--S&P Global Ratings assigned its'SP-1+'rating to Tompkins-Seneca-Tioga Board of Cooperative Educational Services (BOCES), N.Y.'s $32 million series 2024 revenue anticipation notes (RANs)."The rating reflects our view of Tompkins-Seneca-Tioga BOCES'strong projected debt service coverage of 1.45x from operating cash at note maturity,"said S&P Global Ratings credit analyst Michael Ryter. The rating further reflects our view of Tompkins-Seneca-Tioga BOCES'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 on time, as well as BOCES'history of strong debt service coverage of more than 1.25x, somewhat offset this concern.

...October 25, 2024 CHICAGO (S&P Global Ratings) Oct. 25, 2024--S&P Global Ratings assigned its 'SP-1+' rating to Tompkins-Seneca-Tioga Board of Cooperative Educational Services (BOCES), N.Y.'s $32 million series 2024 revenue anticipation notes (RANs)."The rating reflects our view of Tompkins-Seneca-Tioga BOCES' strong projected debt service coverage of 1.45x from operating cash at note maturity," said S&P Global Ratings credit analyst Michael Ryter. The rating further reflects our view of Tompkins-Seneca-Tioga BOCES' 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 on time, as well as BOCES' history of strong debt service coverage of more than 1.25x, somewhat offset this concern....

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