Adair County, Kentucky, Lindsey Wilson College; Private Coll/Univ - General Obligation Dec 11
- ID: 2031209
- December 2011
- Region: Kentucky
- Standard & Poors
Standard & Poor's Ratings Services assigned its 'BBB-' long-term rating to Adair County, Ky.'s series 2011F educational development revenue bonds, issued on behalf of Lindsey Wilson College (LWC). At the same time, Standard & Poor's affirmed its 'BBB-' long-term rating on Columbia, Ky.'s series 2001 educational development revenue bonds, also issued on behalf of LWC. The outlook on all ratings is stable. The 'BBB-' rating reflects our view of Lindsey Wilson College's historically break-even operating results, limited endowment support, and high degree of leverage resulting from aggressive capital spending. While the college has no additional debt plans following this issuance, the college is already highly leveraged in our opinion and has limited debt capacity at this rating level. Since 96%...
Companies mentioned in this report are: Lindsey Wilson Coll,Columbia,Adair County
Action: New Rating
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Research Type: Full Analysis