Pennsylvania Higher Educational Facilities Authority University Properties Inc. (East Stroudsburg University); Auxiliary - Stand Alone Jan 12

Standard & Poors, January 2012

Abstract
Standard & Poor's Ratings Services has affirmed its 'BBB-' long-term rating on Pennsylvania Higher Educational Facilities Authority's series 2010 revenue bonds, issued for University Properties Inc. (UPI), a Pennsylvania not-for-profit entity organized for the purposes of the constructing and renting housing for East Stroudsburg University (ESU). The outlook remains stable. According to management, UPI completed the project on time and budget and the facility was fully occupied as of January 2012. Management also indicates all ESU housing, including its off-campus housing, remains fully occupied. Undergraduate enrollment remains strong, in our view, and both headcount and full-time equivalent (FTE) student levels increased 4.5% and 4%, respectively, since fall 2010 levels. However, fall 2011 freshman applications have decreased and demand has weakened...

Companies mentioned in this report are:
- Univ Properties Inc.
- Pennsylvania Hgr Ed Fac Auth

Action: Affirmed

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

- Univ Properties Inc.
- Pennsylvania Hgr Ed Fac Auth

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