Summary: California Educational Facilities Authority, California Institute Of Technology; CP; Private Coll/Univ - General Obligation Sep 11

Standard & Poors, September 2011

Abstract
Standard & Poor's Ratings Services lowered its long-term rating to 'AA+' from 'AAA' on California Institute of Technology's (Caltech) various revenue bonds issued by the California Educational Facilities Authority based on financial resource measures that have failed to substantially improve during the past two years and remain inconsistent with the 'AAA' rating category, particularly with the expected issuance of additional debt in the medium term. Despite modest improvements to financial performance during the past two years, the results achieved in fiscal 2010 and, our expectation of results in fiscal 2011, are not sufficient to offset current levels of expendable resources compared with expenses and debt in our view. Stronger results over time, or substantial growth in investments, would be needed...

Companies mentioned in this report are: California Institute of Technology,California Ed Fac Auth
Action: Affirmed
Action: Downgraded
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.

California Institute of Technology,California Ed Fac Auth

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