Boston University, Massachusetts; Higher Education, Private Coll/Univ - General Obligation Jun 02
- ID: 1869440
- June 2002
- Region: Massachusetts
- Standard & Poors
The 'BBB+' rating on the outstanding debt issued for Boston University reflects: Large, comprehensive academic programs; Good demand, which has become more competitive, particularly on the undergraduate level, since 1992; and A long history of solid financial operations. Offsetting factors include: Low levels of unrestricted resources relative to operating expenses and debt; Increased leverage; and Endowment-market-value declines. The university is issuing $250 million of series 2002 bonds to construct an arena, a sports/recreational center, a parking garage, and a track/tennis facility ($240 million) and refund the university's outstanding series M bonds ($10.7 million). The bonds will be insured, and liquidity will be provided by standby bond-purchase agreements. The outlook reflects expectations that healthy financial operations will continue and that Boston...
Companies mentioned in this report are:
- Boston Univ
- Massachusetts Development Finance Agency
Action: New Rating
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Research Type: Full Analysis