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Allegheny County Higher Education Building Authority, Pennsylvania, Carlow University; Private Coll/Univ - General Obligation
Standard & Poors, May 2011
Abstract
Standard and Poor's Ratings Services assigned its 'BBB-' long-term rating to the Allegheny County Higher Education Building Authority, Pa.'s series 2011 revenue bonds issued on behalf of Carlow University. The outlook is stable. Factors supporting the rating include our assessment of the university's: Operating surpluses on a full accrual basis for the past five years; Overall growth in enrollment on a full-time equivalent (FTE) basis; Good mix of undergraduate, graduate, and continuing education enrollment; and Modest pro forma maximum annual debt service (MADS) burden of 3.1%. In our opinion, offsetting factors include the university's: Low financial ratios for the rating category with fiscal year-end 2010 expendable resources equal to only 8% of expenses and 19% of pro forma debt; Highly...
Companies mentioned in this report are: Carlow University,Allegheny Cnty Hgr Ed Bldg Auth
Action: New Rating
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: Full Analysis
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