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Baylor University, Texas; Private Coll/Univ - General Obligation
Standard & Poors, March 2008
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.
Research Type: Full Analysis
Abstract
Standard & Poor's Ratings Services assigned its 'AA-' rating to Waco Education Finance Corporation's $115 million revenue refunding bonds, series 2008 C, issued on behalf of Baylor University. The rating reflects the university's general obligation pledge supported by: A history of balanced financial performance with consecutive operating surpluses; Growth of endowment from $550 million in fiscal 2003 to $1.1 billion in fiscal 2007; Successful fundraising since fiscal 2003, despite no formal capital campaign and plans to start a major capital campaign in the near future; and Solid student demand, as evidenced by increased applications and improved selectivity. These factors are offset by strong competition for students from public universities in Texas as well as from other prestigious private universities in...
Companies mentioned in this report are: Baylor Univ,Waco Ed Fin Corp
Action: New Rating
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