Summary: University System Of Maryland; Public Coll/Univ - Unlimited Student Fees Jan 12

Standard & Poors, January 2012

Abstract
Standard & Poor's Ratings Services assigned its 'AA+' long-term rating to University System of Maryland's (USM) $33.495 million refunding series 2012A and $24.045 million refunding series 2012B (taxable) bonds. In addition, we affirmed our 'AA+' long-term rating and 'AA+' underlying rating (SPUR) on USM's previously issued debt. The rating outlook is stable. Prior to the issuance of the series 2012 bonds USM had 39 series of its auxiliary facility and tuition revenue bonds outstanding totaling slightly under $1.1 billion. As of the fiscal year ended June 30, 2011, USM had more than $1.7 billion of cash and cash equivalents. USM's cash is held and invested by the state treasurer and management indicated that there are no issues with accessing the...

Companies mentioned in this report are:
- Univ Sys of Maryland

Action: Affirmed
Action: New Rating
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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Univ Sys of Maryland

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