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Swarthmore College, Pa.'s Series 2009 Revenue Bonds Rated 'AAA' On Excellent Demand And Financial Resource Metrics Jul 09
Standard & Poors, July 2009
TORONTO (Standard & Poor's) July 9, 2009--Standard & Poor's Ratings Services assigned its 'AAA' long-term rating to Swarthmore Borough Authority, Pa.'s series 2009 college revenue bonds, issued for Swarthmore College. At the same time, the rating agency affirmed its 'AAA' long-term rating on debt previously issued by the authority for the college. The 'AAA' rating reflects the college's stable enrollment and significant admissions flexibility, as well as its strong cash and investment levels, representing 10.9x of operating expenses and 8.1x of pro forma debt. Swarthmore has a sizable endowment, $1.1 billion as of May 31, 2009, and a low debt level of $181 million. In addition, the college demonstrates strong fiscal management and practices prudent budgeting, resulting in a history...
Companies mentioned in this report are: Swarthmore Coll,Swarthmore Boro Auth
Action: New Rating
Action: Outlook: Stable
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Research type: News
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Swarthmore Coll,Swarthmore Boro Auth