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University of Delaware; Lease; Public Coll/Univ - Unlimited Student Fees Dec 09 Product Image

University of Delaware; Lease; Public Coll/Univ - Unlimited Student Fees Dec 09

  • ID: 1806160
  • December 2009
  • Region: Delaware
  • Standard & Poors

Abstract
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

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

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