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California Infrastructure & Economic Development Bank, J. David Gladstone Institutes; Non-Profit Organizations Oct 11
Standard & Poors, Oct 2011
Abstract
Standard & Poor's Ratings Services assigned its 'A-' long-term rating to California Infrastructure and Economic Development Bank's $119 million series 2011A revenue bonds, issued for the J. David Gladstone Institutes (Gladstone). At the same time, Standard & Poor's affirmed its 'A-' long-term rating on Gladstone's series 2001 bonds, which will be refunded in large part from 2011 bond proceeds. The outlook on all ratings is stable. The rating is currently supported by the Gladstone balance sheet, which we view as adequate. The rating reflects our view of Gladstone's: Adequate financial resources for the rating category, with expendable resources of 200% relative to expenses and approximately 100% of pro forma debt; Good revenue diversity, with more varied grant revenues, a successful...
Companies mentioned in this report are: J. David Gladstone Institutes,California Infrastructure & Econ Dev Bnk
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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