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Caltech's Variable-Rate Demand Bonds Assigned 'AAA/A-1+' Rating On Financial Flexibility Jul 06
Standard & Poors, July 2006
Abstract
SAN FRANCISCO (Standard & Poor's) July 10, 2006--Standard & Poor's Ratings Services assigned its 'AAA/A-1+' rating to the California Educational Facilities Authority's variable-rate demand bonds, series 2006A-B, issued for the California Institute of Technology (Caltech). Additionally, Standard & Poor's affirmed its 'AAA' and 'AAA/A-1+' ratings on Caltech's debt. The rating is based on Caltech's financial flexibility, diverse revenue base, and solid endowment. The outlook is stable. 'Caltech has financial flexibility, afforded by a diverse revenue base and a significant endowment,' Standard & Poor's credit analyst Carlotta Mills said. 'Additionally, Caltech has a relatively low level of pro forma debt of $338 million. Caltech also has highly competitive admissions for both undergraduate and graduate students and a worldwide reputation for excellence...
Companies mentioned in this report are: California Institute of Technology,California Ed Fac Auth
Action: Affirmed
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.
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