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Summary: Grand Valley State University, Michigan; Letter of Credit; Public Coll/Univ - Unlimited Student Fees Jan 09

  • ID: 1785757
  • January 2009
  • Region: Michigan
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services assigned its 'A+' rating to the $49.8 million general revenue bonds series 2009 issued by Grand Valley State University Board of Trustees, Mich., on behalf of Grand Valley State University (GVSU). Standard & Poor's also affirmed its 'A+' underlying rating (SPUR) on the university's outstanding general revenue bonds. The ratings reflect: Solid student demand and stabilizing enrollment after an extended period of strong growth; Consistently positive financial operations on a full accrual basis; and Adequate liquidity levels, with 2008 unrestricted net assets (UNA) equal to 33% of operating expenses and 39% of pro forma debt. Offsetting factors are: A constrained Michigan (AA-/Stable) economy and budget affecting both operating and capital funding for the university; A...

Companies mentioned in this report are:
- Grand Vy St Univ
- Grand Vy St Univ Brd of Trustees

Action: Affirmed
Action: New Rating

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- Grand Vy St Univ
- Grand Vy St Univ Brd of Trustees

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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