Summary: Baylor Univ, TX; Public Finance Structured, Insured Liquidity Jul 02

Standard & Poors, July 2002

Abstract
The long-term rating assigned to the Waco Education Finance Corp., Texas' revenue bonds, Baylor University issue (tax-exempt, variable-rate demand bonds), series 2002A reflects a bond insurance policy from XL Capital Assurance. The short-term rating is based on a liquidity facility provided by Dexia Credit Local ('AA/A-1+'). The liquidity facility, a standby bond purchase agreement (SBPA) that is scheduled to expire on May 23, 2003, provides coverage for principal and up to 35 days of interest, at a maximum rate of 12%, for the purchase price of tendered bonds that are not successfully remarketed. The bonds will initially bear interest in the weekly variable-rate mode, during which bondholders can tender their bonds with seven days' notice. Upon mandatory tender, bonds may...

Companies mentioned in this report are:
- Baylor Univ
- Waco Ed Fin Corp

Action: New Rating

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Baylor Univ
- Waco Ed Fin Corp

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