Vassar College, New York; Private Coll/Univ - General Obligation Mar 07
Standard & Poors, March 2007
Abstract
Standard & Poor's Ratings Services assigned its 'AA' rating to the Dormitory Authority of New York's $130 million revenue bonds, series 2007, issued for Vassar College, and affirmed its ratings on the college's outstanding debt. Repayment of the bonds is a general obligation of Vassar College. The rating reflects the college's: Stable enrollment and exceptionally strong student demand, with a fall 2006 acceptance rate of 30% and strong freshman retention at 95%; Solid liquidity for the rating category, with 2006 unrestricted resources equal to 307% of expenses and 400% of pro forma debt; Healthy level of endowment, reaching $742 million as of June 30, 2006; and Manageable debt burden. Offsetting factors include somewhat above average endowment draws, and negative but...
Companies mentioned in this report are:
- Vassar Coll
- New York State Dorm Auth
Action: New Rating
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
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