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Swarthmore Borough Authority, Pennsylvania Swarthmore College; Private Coll/Univ - General Obligation Apr 08
Standard & Poors, April 2008
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
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Research Type: Full Analysis
Swarthmore Coll,Swarthmore Boro Auth