Columbia University, New York; Higher Education, Private Coll/Univ - General Obligation; Transportation, CP Feb 03
- ID: 1952050
- February 2003
- Region: New York
- Standard & Poors
The 'AAA' rating on the New York State Dormitory Authority's bonds, issued for Columbia University, reflects a GO pledge, supported by impressive demand; a strong balance sheet, with endowment at $4.24 billion at the close of fiscal 2002; a diverse stream of revenues; effective long-range planning and budgeting that has improved both operations and facilities; the recent completion of a very large capital campaign; and continued strength in sponsored research. The rating also reflects stable financial operations, reduced levels of endowment spending over time, and manageable plans for new debt beyond the current capital improvement plan. The 'A-1+' rating reflects the university's ability to provide liquidity to support the purchase price of bonds that have been tendered and any commercial...
Companies mentioned in this report are:
- Columbia Univ
- New York State Dorm Auth
Action: New Rating
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Research Type: Full Analysis