Jacksonville State University, Alabama; Public Coll/Univ - Unlimited Student Fees Jun 11

Standard & Poors, June 2011

Abstract
Standard & Poor's Rating Services assigned its 'A' long-term rating to Jacksonville State University (JSU), Ala.'s series 2011 tuition and fee revenue bonds. In addition, Standard & Poor's affirmed its 'A' underlying rating (SPUR) on the university's outstanding debt. The outlook on all bonds is stable. The rating reflects our view of the university's: History of operating surplus on a full accrual basis; Steady enrollment, with growing undergraduate enrollment; and Good revenue diversity with net tuition and fees comprising about 43% of (unaudited) fiscal 2010 revenues. Offsetting factors include our view of the university's: Constrained state appropriation environment (Alabama: 'AA'); Low financial resources for the rating category, with (unaudited) 2010 adjusted unrestricted net assets of $36.1 million equal to 26.8%...

Companies mentioned in this report are: Jacksonville St Univ,Alabama
Action: New Rating

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

Jacksonville St Univ,Alabama

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