Swarthmore Borough Authority, Pennsylvania Swarthmore College; Private Coll/Univ - General Obligation Apr 08

Standard & Poors, April 2008

Abstract
Standard & Poor's Ratings Services raised its rating on Swarthmore Borough Authority, Pa.'s debt issued for Swarthmore College to 'AAA' from 'AA+'. At the same time, Standard & Poor's assigned its 'AAA' rating to the authority's series 2008 college revenue bonds, issued for Swarthmore College. The outlook is stable. The upgrade reflects the college's: Stable enrollment and significant admissions flexibility; History of good operating surpluses; Strengthening cash and investment levels, representing 10.7x fiscal 2007 adjusted operating expenses and 7.6x pro forma debt (excluding loaned endowment securities); Sizable endowment of $1.4 billion as of Feb. 29, 2008, particularly with respect to a low debt level of $187 million; and Continued successful fundraising efforts. The bonds will be used to refund the...

Companies mentioned in this report are: Swarthmore Coll,Swarthmore Boro 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

Swarthmore Coll,Swarthmore Boro Auth

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