Summary: Pennsylvania Higher Education Facility Authority, Bryn Mawr College; CP; Private Coll/Univ - General Obligation Jan 12

Standard & Poors, January 2012

Abstract
Standard & Poor's Ratings Services assigned its 'AA' long-term rating to Pennsylvania Higher Educational Facilities Authority's series 2012 revenue bonds issued on behalf of Bryn Mawr College (BMC). At the same time, Standard & Poor's affirmed its 'AA' long-term and underlying ratings (SPUR) on the college's outstanding revenue and refunding bonds and its 'A-1+' short-term rating on the college's series 2009 variable-rate bonds, which are currently in a one-year, fixed-rate, term mode. The outlook, where applicable, is stable. The 'A-1+' short-term rating is based on our view of the college's self-liquidity provision in the event of a tender or failed remarketing of the series 2009 variable-rate demand bonds (VRDBs). The rating reflects both the liquid nature and the sufficiency of...

Companies mentioned in this report are:
- Bryn Mawr Coll
- Pennsylvania Hgr Ed Fac Auth

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.

- Bryn Mawr Coll
- Pennsylvania Hgr Ed Fac Auth

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