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Summary: New York State Dormitory Authority Iona College; Private Coll/Univ - General Obligation May 09

  • ID: 1951847
  • May 2009
  • Region: New York
  • Standard & Poors
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Abstract
Standard & Poor's Ratings Services has affirmed its 'BBB' underlying rating on the New York State Dormitory Authority's $33.6 million revenue bonds outstanding, issued for Iona College. The outlook is stable. In our opinion, the rating reflects the college's: Solid operating surpluses on a full-accrual basis for the past seven years; Adequate enrollment and rising demand; Low and declining debt burden of 4.3% in fiscal 2008, and no additional debt plans; and Management's achieving capital improvement and enrollment goals. We believe credit concerns include the college's: Low level of unrestricted resources, at $13.7 million or 12.6% of operating expenses and 41% of debt. However, cash and investments are stronger, at $41.8 million; Small endowment of about $25.7 million for fiscal...

Companies mentioned in this report are:
- Iona Coll
- Dorm Auth of the St of New York

Action: Affirmed
Action: Outlook: Stable

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 READ MORE >

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- Iona Coll
- Dorm Auth of the St of New York

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