Fordham University, New York; Private Coll/Univ - General Obligation Mar 11
Standard & Poors, March 2011
Abstract
Standard & Poor's Ratings Services assigned its 'A' long-term rating to New York State Dormitory's approximately $100 million series 2011A bonds and $50 million series 2011B revenue bonds issued on behalf of Fordham University. The outlook is stable. The 'A' rating reflects our assessment of the university's: Strong operating performance as demonstrated by the consistent generation of surpluses, with a surplus of $26.5 million, a 4.8% margin, for fiscal 2010; Stable enrollment and substantial 52% increase in freshman applications over the past five years, which is slightly offset by a stable acceptance rate and decreased matriculation rate; Manageable pro forma maximum annual debt service (MADS) burden of 5.6% of fiscal 2010 operating expenses; and Good leadership, budgeting, and planning practices...
Companies mentioned in this report are:
- Fordham Univ
- New York State Dorm Auth
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
- Fordham Univ
- New York State Dorm Auth
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