Howard University, DC's Revenue Bond Ratings Lowered To 'A-' On Additonal Capital And Debt Plans Mar 11

Standard & Poors, March 2011

Abstract
CHICAGO (Standard & Poor's) March 23, 2011--Standard & Poor's Ratings Services lowered its long-term rating and underlying rating (SPUR) to 'A-' from 'A' on the District of Columbia's series 1998, 2006A, and 2006B revenue bonds, issued for Howard University. We also assigned our 'A-' rating to the university's series 2011A and taxable series 2011B revenue bonds. The outlook is stable. "The lowered rating is based on our view of the university's issuance of $100 million of new debt, significant additional capital plans, and additional debt expected in several years," said Standard & Poor's credit analyst Susan Carlson. Credit strengths include Howard's unique academic niche and federal operating appropriation, stable enrollment, moderate post-issuance debt burden, and significant improvement in operating improvement...

Companies mentioned in this report are:
- Howard Univ
- District of Columbia

Action: Downgraded
Action: New Rating
Action: Outlook: Stable

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- Howard Univ
- District of Columbia

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