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Baylor College of Medicine, Texas; Insured Liquidity; Private Coll/Univ - General Obligation
Standard & Poors, Aug 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 'A' rating to Harris County Cultural Education Facilities Finance Corp., Texas' series 2008D fixed-rate refunding bonds, issued for Baylor College of Medicine (BCM). Standard & Poor's also affirmed its 'A' underlying rating (SPUR) on Harris County Health Facilities Development Corp., Texas' series 2005A bonds, issued for BCM. The outlook is stable. The 'A' rating reflects: Strong liquidity, with cash and investments equal to 1.3x of operating expenses and 1.5x of total debt as of Jan. 31, 2008; Considerable revenue diversity, with no revenue source comprising more than one-third of the college's operating budget; A nationally prominent research program, highlighted by Baylor's position as the largest private medical school in the southwestern U.S.; Baylor's...
Companies mentioned in this report are: Baylor Coll of Medicine,Waco Ed Fin Corp
Action: New Rating
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