Summary: Swarthmore Coll, PA; Higher Education, Private Coll/Univ - General Obligation Apr 06

Standard & Poors, April 2006

Abstract
Standard & Poor's Ratings Services affirmed its 'AA+' rating on Swarthmore Borough Authority, Pa.'s $166.7 million bonds, issued for Swarthmore College. The 'AA+' rating reflects the college's: Stable enrollment and significant admissions flexibility, Strong liquidity levels and sizable endowment, History of operating surpluses, Successful fundraising efforts, and Manageable debt levels. Founded in 1864, the college is a private coeducational liberal arts and engineering college in Swarthmore, Pa., 11 miles southwest of Philadelphia. Enrollment at the college has been stable for the past several years, ranging between 1,474 and 1,500 students; fall 2005 enrollment was 1,479, or 1,474 full-time equivalent (FTE) students. The college has significant admissions flexibility, admitting just 22% of its 4,085 freshman applicants in fall 2005. Matriculation rates...

Companies mentioned in this report are: Swarthmore Coll,Swarthmore Boro Auth
Action: Affirmed
Action: Outlook: Stable

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Swarthmore Coll,Swarthmore Boro Auth

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