The Rating Outlook is Stable.
The bonds are secured solely by state aid revenues annually appropriated to the district by the state of
The funds are subject to appropriation as lease payments by the district and the district's budget is subject to approval by the city of
In the event that the district fails to appropriate state aid sufficient to cover debt service payments by
KEY RATING DRIVERS
UPGRADE BASED ON NY STATE: The upgrade to 'AA' with a Stable Outlook reflects Fitch's upgrade of and Outlook on the state's general obligation (GO) and related debt.
RATING BASED ON STATE INTERCEPT: The one notch distinction between the IDA's bond rating and Fitch's 'AA+' GO bond rating on the state of
STRONG COVERAGE: Interceptable state aid provides strong coverage of maximum annual debt service (MADS) on the current issue and on total authorized borrowing. Fitch believes that coverage from state aid may decline in the coming years due to the district's extensive capital and borrowing plans, charter school competition and declining enrollment; however, Fitch expects coverage levels to remain strong.
MATERIAL WEAKENING IN COVERAGE LEVELS: The rating assumes continued strong coverage of debt service by interceptable state aid.
For more information on the state's GO rating, see Fitch's press release 'Fitch Upgrades New York State GO and Related Bonds to 'AA+' Outlook Stable', dated
For more information on the school facility revenue bond rating, see Fitch's press release 'Fitch Affirms Monroe County NY IDA School Facility Rev Bonds at 'AA-'; Outlook Positive' dated
Additional information is available at 'www.fitchratings.com'.
In addition to the sources of information identified in Fitch's Tax-Supported Rating Criteria, this action was additionally informed by information from Creditscope,
--'Tax-Supported Rating Criteria' (
--'U.S. Local Government Tax-Supported Rating Criteria' (
--'U.S. State Government Tax-Supported Rating Criteria' (
--'Fitch Upgrades New York State GO and Related Bonds to 'AA+' Outlook Stable' (
--'Fitch Affirms Monroe County NY IDA School Facility Rev Bonds at 'AA-'; Outlook Positive' (
--'Rating Guidelines for State Credit Enhancement Programs', (
Tax-Supported Rating Criteria
U.S. Local Government Tax-Supported Rating Criteria
U.S. State Government Tax-Supported Rating Criteria
Tertiary Analyst (
Source: Fitch Ratings
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