Standard & Poor's Ratings Services has affirmed its 'A' long-term ratings on Massachusetts Development Finance Agency's series 2002, 2008A, and 2008B bonds, issued for WGBH Education Foundation (WGBH or the foundation). The outlook is stable. The 'A' rating reflects our assessment of WGBH's: Dominant position in national public television programming, both in terms of Boston-area television and radio station operations, and as a producer of programming for Public Broadcasting Service (PBS); Consistently good financial performance on a cash basis; Diverse revenue stream and a highly variable cost structure; and Lack of additional debt plans. In our opinion, somewhat offsetting credit factors include WGBH's high maximum annual debt service (MADS) burden of 11.5% of fiscal 2010 operating expenses (MADS is reached...
Companies mentioned in this report are:
- WGBH Ed Foundn
- Massachusetts Development Finance Agency
Action: Outlook: Stable
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