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California Inst of Tech's Bond Outlook Revised To Negative On Eroding Finances Mar 09
Standard & Poors, March 2009
Abstract
SAN FRANCISCO (Standard & Poor's) March 16, 2009-- Standard & Poor's Ratings Services revised its outlook to negative from stable and affirmed its 'AAA' and 'AAA/A-1+' ratings on the California Educational Facilities Authority's outstanding debt, issued on behalf of the California Institute of Technology (Caltech). 'The negative outlook reflects our opinion of Caltech's eroding financial resources,' said Standard & Poor's credit analyst Carlotta Mills. 'Further declines without adjustments to expenses may lead to a lowered rating. We expect Caltech will work aggressively to balance its operating budget.' Caltech has four lines of credit, totaling $262 million, which it uses for working capital and bridge financing. We understand that the institute plans to issue about $100 million in commercial paper (CP)...
Companies mentioned in this report are: California Institute of Technology
Action: Affirmed
Action: Outlook: Negative
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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