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Adair County, Kentucky, Lindsey Wilson College; Private Coll/Univ - General Obligation Dec 11
Standard & Poors, Dec 2011
Abstract
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
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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