Summary: New York State Dormitory Authority Brooklyn Law School; Private Coll/Univ - General Obligation Nov 10
Standard & Poors, November 2010
Abstract
Standard & Poor's Ratings Services has affirmed its underlying rating (SPUR) of 'BBB+' on New York State Dormitory Authority's outstanding debt, issued for Brooklyn Law School (BLS). The rating outlook on the revenue bonds is stable. The rating also reflects the school's: Solid demand trends and improved student quality; Good fiscal management, evidenced by a history of strong operating surpluses; Adequate financial resources with fiscal 2010 (June 30) expendable resources of $78 million, which is equal to 99% of operations and 93% of pro forma debt; and Unique location and provision of housing for first-year students and some faculty. Offsetting credit factors include: High pro forma maximum annual debt service (MADS) burden of 8.2%; Continued high levels of dependence on...
Companies mentioned in this report are:
- Brooklyn Law Sch
- New York State Dorm Auth
Action: Affirmed
Action: Outlook: Stable
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.
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.
- Brooklyn Law Sch
- New York State Dorm Auth
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