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Missouri Health and Education Facilities Authority Washington University; Private Coll/Univ - General Obligation Jan 11
Standard & Poors, January 2011
Standard & Poor's Ratings Services affirmed its 'AAA' long-term rating and 'AAA/A-1+' rating on various educational facilities revenue bonds issued by the Missouri Health and Education Facilities Authority, Mo. (MOHEFA) on behalf of Washington University (WU). The 'A-1+' short-term ratings on various WU bonds reflect bank liquidity support for variable-rate demand bonds. The 'AAA' long-term rating reflects our view of the university's: Consistently strong operating performance, high level of revenue diversity, and proven fundraising capacity; Manageable debt burden of less than 4% of expenses; Adequate financial resource ratios for the rating category, with fiscal 2010 "expendable resources" equal to 2.0x operating expenses and 3.4x pro forma debt. Financial resource ratios based on total cash and investments are even stronger; and...
Companies mentioned in this report are: Washington Univ,Missouri Hlth & Educl Facs Auth
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
Washington Univ,Missouri Hlth & Educl Facs Auth