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Boston University, Massachusetts; Higher Education, Private Coll/Univ - General Obligation Jun 02
Standard & Poors, June 2002
Abstract
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
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
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