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Summary: New Jersey Educational Facilities Authority Seton Hall University; Joint Criteria; Private Coll/Univ - General Obligation
Standard & Poors, May 2011
Standard & Poor's Ratings Services assigned its 'A' rating to the New Jersey Educational Facilities Authority's revenue refunding bonds, series 2011, issued for Seton Hall University (SHU). The outlook is stable. We also affirmed our 'A' long-term rating and underlying rating (SPUR) on the university's outstanding debt. The 'AAA/A-1+' rating on the 2008D variable-rate demand obligations reflects our application of joint criteria (assuming low correlation) where our SPUR on the university is 'A' and the direct-pay, irrevocable letter of credit provider, TD Bank N.A., is rated 'AA-/A-1+' The 'A' long-term rating reflects our assessment of Seton Hall's: Manageable pro forma maximum annual debt service (MADS) relative to operating expenses of about 4%; Academic niche as the largest Roman Catholic university...
Companies mentioned in this report are: Seton Hall Univ,New Jersey Educl Facs Auth
Action: New Rating
Action: Outlook: Stable
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Seton Hall Univ,New Jersey Educl Facs Auth