New York State Dormitory Authority Brooklyn Law School; Private Coll/Univ - General Obligation Jun 09
- ID: 1953005
- June 2009
- Region: New York
- Standard & Poors
Standard & Poor's Ratings Services assigned its 'BBB+' long-term rating to New York State Dormitory Authority's series 2009 revenue bonds, issued for Brooklyn Law School. Standard & Poor's also affirmed its 'BBB+' underlying rating (SPUR) on New York State Dormitory Authority's series 2003A and 2003B revenue bonds. The ratings reflect: Solid demand trends and improved student quality; Good fiscal management, evidenced by history of strong operating surpluses; Adequate financial resources levels with fiscal 2008 unrestricted resources of $74 million and 111% of operations and 87% of pro forma debt; and Unique location and provision for housing to first year students and some faculty. Offsetting credit factors include: High pro forma maximum annual debt service burden of 9.7%; Weak fund-raising history;...
Companies mentioned in this report are:
- Brooklyn Law Sch
- Dorm Auth of the St of New York
Action: New Rating
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Research Type: Full Analysis