Massachusetts Development Finance Agency, Massachusetts Institute Of Technology; Private Coll/Univ - General Obligation Jul 12
- Language: English
- Published: July 2012
- Region: Massachusetts
Standard & Poor's Ratings Services assigned its 'AAA' rating to Massachusetts Health and Educational Facilities Authority's series N revenue bonds, issued for Massachusetts Institute of Technology (MIT). Standard & Poor's also affirmed its 'AAA' and 'A-1+' rating on debt previously issued for MIT. The ratings reflect the institute's unconditional general obligation pledge, supported by: Overwhelming demand, excellent student quality, and increasingly competitive admissions; A preeminent research institute; A strong endowment with a market value at roughly $10 billion as of June 30, 2007; Impressive financial resources with expendable resources equaled to 4.3x operating expenses and 7x pro forma debt; Strong revenue diversity and demonstrated ability to raise funds; and High, but still manageable debt levels. The institute is providing its...
Companies mentioned in this report are: Massachusetts Inst of Tech
Action: New Rating
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Research Type: Full Analysis