Summary: Pennsylvania Higher Education Facilities Authority Drexel University; Joint Criteria; Private Coll/Univ - General Obligation Sep 07

Standard & Poors, September 2007

Abstract
Standard & Poor's Ratings Services assigned its 'A+' long-term rating to Pennsylvania Higher Education Facilities Authority's series 2007A revenue bonds issued for Drexel University. The 'A+' long-term rating and 'A+' underlying ratings (SPUR) on the authority's parity debt for Drexel University were affirmed. The 'A+' rating reflects the university's: Strong financial performance demonstrated by solid operating surpluses, totaling $26.5 million in fiscal 2006, with an even larger surplus anticipated for fiscal 2007; Good growth in total net assets to $730 million as of fiscal-year-end 2006, up from $321 million just four years earlier; Impressive enrollment trends, marked by headcount growth, an increasing number of applicants for admission, and above-average student quality spurred by the institution's national reputation and niche as...

Companies mentioned in this report are:
- Drexel Univ
- Pennsylvania Hgr Ed Fac Auth

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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.

- Drexel Univ
- Pennsylvania Hgr Ed Fac Auth

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