Standard & Poor's Ratings Services assigned its 'AA' rating on Iowa Board of Regents, Iowa's $25 million series 2007 revenue bonds, issued for University of Iowa Hospitals and Clinics (UIHC). At the same time, Standard & Poor's affirmed its 'AA' rating on Iowa's $23.86 million series 2002 bonds, issued for the UIHC. The 'AA' rating reflects: Improved and solid operating margins for the past fiscal year in 2006 (see table 1) and continued solid performance for the nine months ended March 31, 2007; Extremely strong coverage of pro forma maximum annual debt service (MADS) in excess of 29x for fiscal 2006 due to a very low debt burden; and Solid balance sheet measures, reflected in acceptable unrestricted cash and investments,...
Companies mentioned in this report are:
- University of Iowa Hosps & Clinics
- Iowa Brd of Regents
Action: New Rating
Action: Outlook: Stable
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