- Language: English
- Published: March 2012
- Region: Michigan
Summary: Michigan Higher Education Facilities Authority Hope College; Private Coll/Univ - General Obligation Nov 09
- ID: 2030576
- November 2009
- Region: Michigan
- Standard & Poors
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: 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.
SHOW LESS READ MORE >