NEW YORK (Standard & Poor's) Jan. 9, 2006Standard & Poor's Rating Services has lowered its rating on the University of Cincinnati (UC), Ohio's general receipts bonds to 'A+' from 'AA-', and its rating on UC's certificates of participation to 'A' from 'A+'. The outlook is stable. At the same time, the rating agency assigned its 'A+' long-term rating to UC's $54.77 million general receipts revenue bonds series 2006A, and its 'SP-1+' short-term rating to UC's $40 million general receipts revenue bond anticipation notes (BANs) series 2006B. The downgrade reflects a history of structural operating deficits, combined with projected negative performance in the near future, on both a consolidated full accrual basis and a current fund basis; a high debt burden...
Companies mentioned in this report are:
- University of Cincinnati
Action: New Rating
Action: Outlook: Stable
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