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Brazosport College District, Texas; Junior/Community College Oct 11
Standard & Poors, Oct 2011
Abstract
Standard & Poor's Rating Services affirmed its 'BBB+' underlying rating (SPUR) on Brazosport College District, Texas' combined fee revenue bonds. The rating reflects our view of the district's: History of balanced operations on a cash basis, but negative on a full accrual basis; A concentration of tuition revenue from non-credit corporate training students (primarily from two companies), whose contracts can be highly cyclical in nature, and which comprise a significant percentage, 23.2%, of tuition revenue (which is pledged to revenue-bond debt service); and A concentrated tax and employment base in the petrochemical industry and in a single company. The rating is still supported by our view of the district's: Solid revenue diversity, with 29.2% of 2010 revenues from property taxes,...
Companies mentioned in this report are: Brazosport Coll Dist,Texas,Brazoria Cnty,The Dow Chemical Co.
Action: Affirmed
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
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