Summary: District Of Columbia Howard University; Private Coll/Univ - General Obligation Jun 09

Standard & Poors, June 2009

Abstract
Standard & Poor's Ratings Services revised its rating outlook to negative from stable on the District of Columbia's bonds issued for Howard University (Howard), reflecting operating losses, declining unrestricted resources and endowment, and long-term strategic challenges for Howard's hospital. At the same time, Standard & Poor's affirmed its 'A+' long-term rating and underlying ratings (SPURs) on Howard University's debt. Howard is currently struggling with operating losses at both the university and hospital, and although the hospital has made great strides this fiscal year in reversing its operating losses, the hospital remains a key strategic challenge due to its relatively small size, low acuity, and aging facility. Management reduced costs and enhanced revenue at the university for fiscal year 2009, although...

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

Action: Affirmed
Action: Outlook: Negative

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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.

- Howard Univ
- District of Columbia

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