Summary: District of Columbia American University; Liquidity Facility; Private Coll/Univ - General Obligation Jul 06
Standard & Poors, July 2006
Abstract
Standard & Poor's Ratings Services assigned its 'A' rating to the District of Columbia's multimodal university revenue bonds, series 2006, issued for American University (AU). Standard & Poor's also affirmed its 'A' rating on the university's outstanding bonds and the 'A' issuer credit rating (ICR). The 'A' rating reflects the university's: Stable enrollment and strong demand; A long history of balanced operating performance; Adequate liquidity levels and strong endowment growth in recent years; Improved development efforts; and Manageable pro forma debt levels. Offsetting factors include the university's reliance on tuition and fees as a revenue source and a low 18% freshman matriculation rate, indicative of a highly competitive operating environment. Bond proceeds will be used to refund the approximate $60...
Companies mentioned in this report are:
- American Univ
- District of Columbia
Action: Affirmed
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.
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.
- American Univ
- District of Columbia
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