Swarthmore College, Pa.'s Series 2009 Revenue Bonds Rated 'AAA' On Excellent Demand And Financial Resource Metrics Jul 09

Standard & Poors, July 2009

Abstract
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: Affirmed
Action: New Rating
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.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

Swarthmore Coll,Swarthmore Boro Auth

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