Summary: Washington University, Missouri; Private Coll/Univ - General Obligation Oct 08

Standard & Poors, October 2008

Abstract
Standard & Poor's Ratings Services assigned its 'AAA' long-term rating to the $190 million Missouri Health and Educational Facilities Authority (MOHEFA) educational facilities revenue bonds, series 2008A, issued on behalf of Washington University (WU). We also affirmed our 'AAA' long-term rating on various educational facilities revenue bonds issued by MOHEFA for WU. The short-term 'A-1+' ratings on various WU bonds reflect bank liquidity support for variable-rate demand bonds. The 'AAA' long-term rating reflects the university's: Strong balance sheet, with 2008 unrestricted resources equal to 2.6x operating expenses and 4.3x pro forma debt. Liquidity based on total cash and investments is even stronger; Consistently strong operating performance, a high level of revenue diversity, and proven fundraising capacity; Manageable pro forma debt...

Companies mentioned in this report are: Washington Univ,Missouri Hlth & Educl Facs Auth
Action: Affirmed
Action: New Rating

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Washington Univ,Missouri Hlth & Educl Facs Auth

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