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California State University, Chico Research Foundation; Non-Profit Organizations Sep 11
Standard & Poors, Sep 2011
Abstract
Standard & Poor's Ratings Services affirmed its 'BBB+' underlying rating (SPUR) on the California State University (CSU), Chico Research Foundation's auxiliary organization revenue bonds, series 2003. The outlook is stable. The rating reflects our view of the foundation's: Ties to the CSU system (A+/Positive) and role as a supporting organization of CSU Chico; Adequate financial resources, with cash and investments of $6.1 million equal to 15.9% of expenses and 118.2% of debt outstanding in fiscal 2010; Very low maximum annual debt service burden of under 1%, good debt service coverage of about 3.08x for fiscal 2010, and no plans for additional debt; and Operations that have historically been balanced on a cash basis, but slightly weaker on a full-accrual basis....
Companies mentioned in this report are: California State University, Chico Research Foundation
Action: Affirmed
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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