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Brookings Institution, District Of Columbia; Non-Profit Organizations Jan 09
Standard & Poors, Jan 2009
Abstract
Standard and Poor's Ratings Services assigned its 'A+' long-term rating to the District of Columbia's revenue bonds, series 2009, to be issued on behalf of the Brookings Institution. The rating reflects the institution's: Long history and strong reputation as a provider of quality, independent public policy research; Highly variable cost structure, providing significant operational flexibility; Good financial resources, with unrestricted resources of $203 million covering 2.5x operating expenses and 5.1x pro forma debt; and Low levels of pro forma debt at $40 million, with no additional debt plans in the near future. Offsetting factors include the institution's: Modest although growing operating budget, with mixed results on a full accrual basis; Researching/contract risk and low margins; and Diverse, but somewhat aggressive...
Companies mentioned in this report are: Brookings Institution,District of Columbia
Action: New Rating
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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