New York State Dormitory Authority Yeshiva University; Private Coll/Univ - General Obligation Mar 11
Standard & Poors, March 2011
Abstract
Standard & Poor's Ratings Services has lowered its long-term rating to 'AA-' from 'AA' on the New York State Dormitory Authority's series 2009 bonds issued for Yeshiva University (YU), N.Y. The outlook remains stable. The lower rating reflects our assessment of the university's: Significant and increasing operating deficits based on generally accepted accounting principles (GAAP) for three years with fiscal 2010 operating margin of negative 15% with continued deficits expected; High endowment draw of close to 8% for fiscal 2010 required to meet balanced operations on a cash basis; with further high draws expected to continue through fiscal 2015; Substantial declines in financial resources relative to the rating category with expendable resources declining to $523.3 in fiscal 2010 from $1.3...
Companies mentioned in this report are:
- Yeshiva Univ
- New York State Dorm Auth
Action: Downgraded
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
- Yeshiva Univ
- New York State Dorm Auth
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