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Summary: Rowan Univ, NJ; Higher Education, Auxiliary - Stand Alone; Higher Education, Public Coll/Univ - Unlimited Student Fees Mar 05 Product Image

Summary: Rowan Univ, NJ; Higher Education, Auxiliary - Stand Alone; Higher Education, Public Coll/Univ - Unlimited Student Fees Mar 05

  • ID: 1785488
  • March 2005
  • Region: New Jersey
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services assigned its 'A+' long-term rating to the New Jersey Educational Facilities Authority's $52.3 million series 2005D bonds, issued for Rowan University, N.J. In addition, Standard & Poor's affirmed its 'A+' standard long-term rating and 'A+' underlying rating (SPUR) on the university's outstanding debt. The outlook is negative. The rating reflects: A good financial cushion, including a foundation's endowment market value of roughly $145 million (equal to 98% of expenses and 47% of pro forma debt); The consistent generation of operating surpluses; Healthy admissions flexibility, evidenced by growing student demand, competitive acceptance rates, good matriculation, and improved student quality; The receipt of appropriations from the 'AA-' rated state of New Jersey (the rating on the state...

Companies mentioned in this report are:
- Rowan Univ
- New Jersey Educl Facs Auth

Action: Affirmed
Action: New Rating
Action: Outlook: Negative

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- Rowan Univ
- New Jersey Educl Facs Auth

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