Standard & Poor's Ratings Services affirmed its 'AAA' rating on various California Educational Facilities Authority revenue bonds issued on behalf of the California Institute of Technology (Caltech). The outlook is negative. Additionally, we affirmed our 'A-1+' short-term rating on Caltech's commercial paper (CP) revenue notes The long-term rating reflects our opinion of Caltech's: Highly competitive admissions for both undergraduate and graduate students; Worldwide reputation for its excellence in science and engineering programs, which is enhanced by its operation of several renowned research laboratories and facilities; Financial flexibility afforded by a diverse revenue base and still-significant endowment ($1.57 billion in investments at March 31, 2010); Good fundraising ability, with a capital campaign of $1.4 billion completed in April 2008; and Relatively...
Companies mentioned in this report are:
- California Institute of Technology
- California Ed Fac Auth
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