New York State Dormitory Authority Vassar College; Private Coll/Univ - General Obligation Aug 11
Standard & Poors, August 2011
Abstract
Standard & Poor's Ratings Services has revised its outlook to negative from stable and affirmed its 'AA' long-term rating on the $50 million series 2010 and $122.5 million series 2007 revenue bonds issued by the New York State Dormitory Authority for Vassar College. We revised the outlook to negative from stable, to reflect our view of continued pressure on Vassar's credit profile from the unsustainable and increasing supplemental endowment draw levels, and because the operating budget is not balanced on a full accrual basis, in part, due to high depreciation on campus facilities. Though the college has balanced its operating budget on a cash basis (excluding depreciation expense), it is due to significant supplemental endowment draws that we expect will...
Companies mentioned in this report are:
- Vassar Coll
- New York State Dorm Auth
- Dutchess Cnty Indl Dev Agy
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
- Vassar Coll
- New York State Dorm Auth
- Dutchess Cnty Indl Dev Agy
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