Summary: Bryant University, Rhode Island; Private Coll/Univ - General Obligation Mar 08

Standard & Poors, March 2008

Abstract
Standard & Poor's Ratings Services assigned its 'A' standard long-term rating to Rhode Island Health and Educational Building Corp.'s series 2008 conversion higher-education facility revenue bonds, issued for Bryant University. In addition, Standard & Poor's affirmed its 'A' underlying rating (SPUR) on bonds issued for the university. The 'A' rating reflects: Strong financial results that allowed Bryant to produce consistently large annual operating surpluses; Positive enrollment trends that are characterized by the steady increase in headcount and a large increase in applications; Adequate liquidity levels for the rating category, with unrestricted resources equal to 159% of operating expenses and 213% of debt; and A manageable pro forma debt burden at roughly 5% of operating expenses. Offsetting factors include the university's...

Companies mentioned in this report are: Bryant Univ,Rhode Island Hlth & Educl Bldg Corp
Action: Affirmed
Action: New Rating

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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.

Bryant Univ,Rhode Island Hlth & Educl Bldg Corp

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