Summary: New York State Dormitory Authority The New School; Private Coll/Univ - General Obligation Oct 10

Standard & Poors, October 2010

Abstract
Standard & Poor's Ratings Services assigned its 'A-' long-term rating to New York State Dormitory Authority's bonds, series 2010, issued for The New School. The outlook is stable. The 'A-' rating reflects our assessment of The New School's: Conservative budgeting resulting in consistently solid operating surpluses based on generally accepted accounting principles (GAAP) including a $14.3 million operating surplus in fiscal 2009, and a surplus expected for fiscal 2010; Strong demand characteristics for a self-selective, arts-focused institution with an undergraduate acceptance rate of 63% and a 36% matriculation rate; Growing headcount enrollment with an increase of 19% from fall 2005 to 10,678 in fall 2010; Conservative debt profile with 100% fixed-rate pro forma debt; and Strong management team. Offsetting these...

Companies mentioned in this report are:
- New Sch Univ
- New York State Dorm Auth

Action: New Rating
Action: Outlook: Stable

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- New Sch Univ
- New York State Dorm Auth

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