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Adams County Industrial Development Authority, Pennsylvania Gettysburg College; Private Coll/Univ - General Obligation Oct 11
Standard & Poors, Oct 2011
Abstract
Standard & Poor's Ratings Services affirmed its 'A' long-term ratings on Adams County Industrial Development Authority's series 2010 revenue bonds and Gettysburg Municipal Authority's series 2008A revenue bonds, both issued for Gettysburg College, Pa. The outlook is stable. The 'A' rating reflects our assessment of the college's: Stable enrollment and strong demand characteristics, coupled with good student quality; Healthy financial operations, with consistent operating surpluses, including a fiscal 2010 operating surplus of $4.6 million; and Adequate financial resources for the rating category, with expendable resources of $105 million as of May 31 2010, representing 73% of operating expenses and 110% of debt In our opinion, partially offsetting credit factors include a high pro forma maximum annual debt service burden of...
Companies mentioned in this report are: Gettysburg Coll,Gettysburg Mun Auth,Adams Cnty Indl Dev Auth
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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