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Brooklyn Law School, New York; Higher Education, Private Coll/Univ - General Obligation Apr 03
Standard & Poors, April 2003
Abstract
The 'BBB' rating on the Dormitory Authority of the state of New York's $92.795 million revenue bonds, series 2003A and series 2003B, issued for Brooklyn Law School, reflects: A stable enrollment level; Good demand flexibility and good student quality; Adequate liquidity levels; Low tuition discounting; and Overall strong financial performance in each of the past five fiscal years, as well as the somewhat self-supporting nature of the debt. Offsetting credit factors are the magnitude and the sizable increase in overall outstanding debt, resulting in higher leverage, lower debt service coverage (DSC), and a sharp decline in liquidity levels relative to pro forma debt. Other challenges include a lackluster fundraising track record resulting in a modest endowment, a very high dependence...
Companies mentioned in this report are: Brooklyn Law Sch,New York State Dorm Auth
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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