Vassar College, New York; Private Coll/Univ - General Obligation Mar 07
- ID: 1953696
- March 2007
- Region: New York
- Standard & Poors
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
- Dorm Auth of the St of New York
Action: New Rating
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Research Type: Full Analysis