Summary: Iona College, New York; Private Coll/Univ - General Obligation Mar 11

Standard & Poors, March 2011

Abstract
Standard & Poor's Ratings Services affirmed its 'BBB' underlying rating (SPUR) on the New York State Dormitory Authority's $33.6 million outstanding revenue bonds, issued for Iona College, N.Y. The rating reflects our view of Iona's: Solid operating surpluses on a full-accrual basis for the past seven years, Stable enrollment and demand, Low debt burden of 4.0% in fiscal 2010, and Growing endowment of approximately $39.1 million for fiscal 2010. We believe partly offsetting credit factors include Iona's: Low financial resources for the rating category, with expendable resources of approximately $25.1 million representing 21.1% of operating expenses and a better 92.8% of outstanding debt as of June 30, 2010. However, cash and investments were stronger at $48.0 million; Weakening acceptance and...

Companies mentioned in this report are:
- Iona Coll
- New York State Dorm Auth

Action: Affirmed
Action: Outlook: Stable

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Iona Coll
- New York State Dorm Auth

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