The rating on the Iowa Board of Regents' dormitory revenue bonds, series ISU-2003A, issued for Iowa State University of Science and Technology, reflects: Iowa State's general credit strength and strong historical state financial support as a land grant institution; Projected 1.4x MADS coverage from net dormitory system revenues, adequate security provisions, and a debt service reserve; and The historical strength of the residence system's financial operations and debt service coverage. The dormitory bond rating of 'A' is differentiated from the higher unlimited student fee rating of 'A+', due to a more limited pledged revenue stream. The bonds are secured by net revenues of the residence system. The university's 'A+' unlimited student fee rating has been affirmed and reflects: Strong historical...
Companies mentioned in this report are:
- Iowa St Univ Of Science & Tech I S U
- Iowa Brd of Regents
Action: New Rating
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