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California Municipal Finance Authority Berkeley Student Cooperative; Non-Profit Organizations Jan 10
Standard & Poors, Jan 2010
Abstract
Standard & Poor's Ratings Services affirmed its 'BBB-' rating on the California Municipal Finance Authority's series 2007 revenue bonds issued for the Berkeley Student Cooperative (BSC), which legally changed its name from University Students' Cooperative Association in May 2009. The affirmation reflects our opinion of the association's: Stability (established and in operation since 1933); Consistent annual operating surpluses, which generated debt service coverage of 1.7x in fiscal 2009 and 2.4x in fiscal 2008; Long history of excellent occupancy rates (97%-99%); Multiple and diversified housing sites; and Prudent, experienced management. Offsetting factors include our view of: The concentrated nature of the association's rental income; and The association's low, although relatively stable, financial resources, with cash and investments of $4.6 million in...
Companies mentioned in this report are: Berkeley Student Cooperative,California Municipal Finance Authority
Action: Affirmed
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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