Standard & Poor's Ratings Services affirmed its 'AAA' long-term rating on the Connecticut Health and Educational Facilities Authority's revenue bonds, issued for Yale University. We also affirmed our 'AAA' long-term rating and 'A-1+' short-term rating on various fixed-rate debt issued by the university and for the university. The 'AAA' rating reflects our opinion of the university's: Impressive demand for academic programs and program diversity; Historically strong financial performance on a generally accepted accounting principles (GAAP) full-accrual basis and good performance from fiscals 2009 to 2011; Successful fundraising history and the recent completion of a $3.5 billion capital campaign; Still adequate, though significantly reduced, expendable resources of $15 billion as of June 30, 2010, accounting for 5.4x annual operating expenses and...
Companies mentioned in this report are:
- Yale Univ
- Connecticut Hlth & Educl Facs Auth
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