Summary: Pennsylvania Higher Education Facilities Authority Pennsylvania State University; CP; Public Coll/Univ - Unlimited Student Fees Aug 11

Standard & Poors, August 2011

Abstract
Standard & Poor's Ratings Services has affirmed its 'AA' long-term rating on Pennsylvania Higher Education Facilities Authority's bonds and its 'A-1+' short-term rating on the series 2009B variable-rate demand bonds (VRDBs), currently in a long-term rate mode through May 31, 2012, issued for Pennsylvania State University (Penn State). The series 2002 VRDBs are currently rated 'AA/A-1+. The outlook on the long-term rating remains stable. The 'AA' rating reflects our opinion of Penn State's general obligation (GO) pledge, supported by what we consider: Stable enrollment of 87,309 for fall 2010 and more than 95,000 when including online students, with slightly increased enrollment expected for the fall 2011 semester; A strong and stable financial management team, considerable revenue diversity, and good financial...

Companies mentioned in this report are: Pennsylvania St Univ,Pennsylvania Hgr Ed Fac Auth
Action: Affirmed
Action: Outlook: Stable

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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.

Pennsylvania St Univ,Pennsylvania Hgr Ed Fac Auth

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