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Michigan Higher Education Facilities Authority Hope College; Joint Criteria; Private Coll/Univ - General Obligation Mar 11

  • ID: 2030294
  • March 2011
  • Region: Michigan
  • Standard & Poors
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Standard & Poor's Ratings Services affirmed its 'BBB+' long-term rating on the Michigan Higher Education Facilities Authority's series 2002A revenue bonds and its 'BBB+' underlying rating (SPUR) on the authority's series 2002B revenue bonds, both issued for Hope College. The outlook is stable. The ratings reflect our view of the college's: Stable enrollment trends, with total headcount of 3,202 for fall 2010; Balanced financial performance, as evidenced by the consistent generation of operating surpluses on a full-accrual basis; Manageable maximum annual debt service burden of about 4% and no additional long-term debt plans; and Strong leadership and management team. Partially offsetting credit factors, in our view, include: Adequate expendable resources for the rating category at June 30, 2010, equal to...

Companies mentioned in this report are: Hope Coll,Michigan Hgr Ed Fac Auth
Action: Affirmed

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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Hope Coll,Michigan Hgr Ed Fac Auth

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