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Summary: Michigan Higher Education Facilities Authority Hope College; Private Coll/Univ - General Obligation Nov 09

  • ID: 2030576
  • November 2009
  • Region: Michigan
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services affirmed its 'BBB+' long-term rating on Michigan Higher Education Facilities Authority's series 2002A revenue bonds, issued for Hope College. The outlook is stable. The rating reflects our view of the college's: Stable enrollment trends, with total headcount of 3,230 for fall 2009, about even with fall 2008; Balanced financial performance, as evidenced by the consistent generation of operating surpluses on a full accrual basis, with a small surplus of $334,000 for fiscal 2009; Manageable 5.3% debt burden and no additional long-term debt plans; and Strong leadership and management team. Offsetting credit factors include: Decreased financial resource levels due primarily to investment losses, with low unrestricted resources for the rating category at fiscal-year-end 2009 that were...

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

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Hope Coll,Michigan Hgr Ed Fac Auth

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