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California Institute of Technology; Private Coll/Univ - General Obligation Jul 06
Standard & Poors, July 2006
Abstract
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 outlook is stable. The short-term rating reflects the institute's provision of its own liquidity. The long-term rating reflects: Highly competitive admissions for both undergraduate and graduate students; A worldwide reputation for excellence in science and engineering programs, enhanced by Caltech's operations of several renowned research laboratories and facilities; Financial flexibility, afforded by a diverse revenue base and significant endowment ($1.7 billion in investments at September 2005); and A relatively low level of pro forma debt ($338 million). An...
Companies mentioned in this report are: California Institute of Technology,California Ed Fac Auth
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: Full Analysis
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