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Bullis School, MD Series 2000 Bond Rating Lowered To 'BBB-' On Diminished Financial Resources Due To Land Acquisition Jan 12
Standard & Poors, Jan 2012
Abstract
NEW YORK (Standard & Poor's) Jan. 18, 2012--Standard & Poor's Ratings Services has lowered its underlying rating (SPUR) to 'BBB-' from 'BBB' on Maryland Health & Higher Educational Facilities Authority's series 2000 revenue bonds issued for Bullis School in the original par amount of $20.4 million and outstanding in the amount of $17.45 million as of fiscal year ended June 30, 2011 (unaudited). 'The lower rating reflects our assessment of Bullis' significant decline in financial resources resulting from a land acquisition transaction that was primarily funded from endowment and cash reserves,' said Standard & Poor's credit analyst Stephen Infranco. The acquisition supports the school's long-term strategy to purchase the last contiguous parcel of land adjoining the Bullis campus, allowing for...
Companies mentioned in this report are: Bullis Sch,Maryland Hlth & Hgr Ed Facs Auth
Action: Downgraded
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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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