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Boyle County, Kentucky Centre College of Kentucky; Private Coll/Univ - General Obligation Dec 11
Standard & Poors, Dec 2011
Abstract
Standard & Poor's Ratings Services affirmed its 'A-' underlying rating (SPUR) on Kentucky Economic Development Finance Authority's and Boyle County, Ky.'s outstanding revenue bonds, issued on behalf of Centre College of Kentucky. The outlook is stable. The 'A-' rating reflects our view of Centre College's good financial resources, growing enrollment, and excellent student quality. The college generates surpluses on a cash basis but deficits on a full-accrual basis, as management does not budget for depreciation. This is partially mitigated, in our opinion, by low levels of deferred maintenance, which is funded annually. We view the maximum annual debt service (MADS) burden as high, at 8.2% of fiscal 2011 operating expenses. However, we believe an endowment above the category medians supports...
Companies mentioned in this report are: Centre College of Kentucky,Kentucky Econ Dev Fin Auth,Boyle Cnty
Action: Downgraded
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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