Cornell University, NY Bond Rating Revised To 'AA+/A-1+' On Standby Purchase Agreements Apr 08
- ID: 1953909
- April 2008
- Region: New York
- Standard & Poors
NEW YORK (Standard & Poor's) April 3, 2008--Standard & Poor's Ratings Services revised its rating on Dormitory Authority of the State of New York's series 2004A and 2004B revenue bonds, issued for Cornell University, to 'AA+/A-1+' from 'AA+/Stable', reflecting two standby bond purchase agreements (SBPAs) provided by HSBC Bank USA N.A. ('AA/A-1+'). The long-term component of the rating for both series is based on the underlying rating on Cornell University ('AA+/Stable') and represents the likelihood that the debt service will be repaid over the life of the issues. The short-term component of the rating on each series represents the likelihood of payment of tenders and reflects an SBPA, provided by HSBC Bank USA N.A. ('AA/A-1+'). The bonds for both series...
Companies mentioned in this report are:
- Cornell Univ
- Dorm Auth of the St of New York
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.