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

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

  • ID: 2030294
  • March 2011
  • Region: Michigan
  • Standard & Poors

Abstract
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

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Research Type: Full Analysis

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