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California Educational Facilities Authority, Stanford University; CP; Private Coll/Univ - General Obligation Jun 11
Standard & Poors, June 2011
Abstract
Standard & Poor's Ratings Services affirmed its 'AAA' long-term rating on Stanford University, Calif.'s outstanding debt, issued by the California Educational Facilities Authority. At the same time, Standard & Poor's affirmed its 'A-1+' short-term rating on the university's taxable and tax-exempt commercial paper (CP) program, and its 'AAA/A-1+' rating on the university's variable-rate demand bonds (VRDBs) issued by the university and the authority. The outlook on the long-term rating is stable. The 'AAA' long-term rating reflects our view of the university's unsecured general obligation (GO) pledge, and its: Pre-eminent status as a comprehensive research institution, with an impressive student demand profile; Historically favorable financial performance, with $209.7 million of adjusted operating revenues over expenses for fiscal 2010; Impressive endowment, with...
Companies mentioned in this report are: Stanford Univ,California Ed Fac Auth,Morgan Stanley,Goldman Sachs Mitsui Marine Derivative Products L.P.
Action: Affirmed
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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