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New York State Dormitory Authority Brooklyn Law School; Private Coll/Univ - General Obligation Aug 08
Standard & Poors, Aug 2008
Abstract
Standard & Poor's Ratings Services assigned its 'BBB+' standard long-term rating to New York State Dormitory Authority's series 2008 revenue bonds, issued for Brooklyn Law School. Standard & Poor's also affirmed its 'BBB+' underlying rating (SPUR) on the authority's series 2003A and 2003B revenue bonds. The outlook is stable. The rating reflects: Solid demand trends and improved student quality; Good fiscal management, evidenced by strong financial performance; Adequate liquidity levels, with fiscal 2007 unrestricted resources of $68 million and 112% of operations and 76% of pro forma debt; and Unique location and provision for housing to first-year students, some upper-class students, and some faculty. Offsetting credit factors include: High pro forma maximum annual debt service (MADS) burden of 11% and...
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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