Standard & Poor's Ratings Services assigned its short-term 'SP-1+' rating to the University of Cincinnati, Ohio's (UC) series 2007D general receipts revenue bond anticipation notes (BANs). The short-term rating reflects UC's strong track record of market access, as well as its underlying credit strength. In December 2006, Standard & Poor's revised its rating outlook on UC's long-term general receipts debt to negative from stable. The long-term rating outlook change reflected continuing operating deficits on both a budgetary and full accrual basis. For the fiscal year ending June 30, 2006, unrestricted net assets (UNA) worsened to negative $165 million from negative $117 million in 2005. Should the university achieve its newest financial turnaround plan (which calls for budgetary balance in 2007),...
Companies mentioned in this report are:
- University of Cincinnati
Action: New Rating
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