Drexel University, PA Bond Rating Lowered To 'A' On Increased Debt And Weakened Balance Sheet Apr 11

Standard & Poors, April 2011

Abstract
NEW YORK (Standard & Poor's) April 15, 2011--Standard & Poor's Ratings Services has lowered its long-term rating and underlying rating (SPUR) to 'A' from 'A+' on debt issued by Pennsylvania Higher Educational Facilities Authority for Drexel University. At the same time, Standard & Poor's assigned its 'A' long-term rating to the series 2011A bonds and affirmed its 'AAA/A-1+' rating on the series 2000 bonds, both issued for the university by the authority. The outlook on these bond ratings is stable. Standard & Poor's also affirmed its 'AA/B' rating on the authority's series 2003B bonds issued for Drexel and that rating remains on CreditWatch with negative implications. Standard & Poor's lowered the rating based on its assessment of $100 million of...

Companies mentioned in this report are:
- Drexel Univ
- Pennsylvania Higher Educl Facs Auth

Action: Affirmed
Action: Downgraded
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.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- Drexel Univ
- Pennsylvania Higher Educl Facs Auth

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