University of Delaware; Lease; Public Coll/Univ - Unlimited Student Fees Dec 09
- ID: 1806160
- December 2009
- Region: Delaware
- Standard & Poors
Standard & Poor's Ratings Services assigned its 'AA+' long-term rating and stable outlook to the University of Delaware's (UD) series 2009B fixed-rate revenue refunding bonds and affirmed its 'AA+' long-term ratings and underlying ratings (SPURS) on debt issued for the university. The long-term rating reflects: Good operations with an operating surplus of $24 million or 3% of adjusted operating expenses for fiscal 2009, a budgeted surplus for fiscal 2010, and a relatively low reliance on state appropriations at only 16% fiscal operating 2009 revenues; Solid levels of financial resources for the rating category with fiscal 2009 expendable resources of $635 million, representing 82% of operating expenses and 247% of pro forma debt, and endowment market value of $1 billion as...
Companies mentioned in this report are:
- University of Delaware
Action: New Rating
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Research Type: Full Analysis