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California Statewide Communities Development Authority Thomas Jefferson School of Law; Private Coll/Univ - General Obligation Mar 11
Standard & Poors, March 2011
Abstract
Standard & Poor's Ratings Services affirmed its 'BB+' rating on California Statewide Communities Development Authority's tax-exempt revenue bonds, series 2008A, and taxable revenue bonds, series 2008B, issued for Thomas Jefferson School of Law. The outlook is stable. The rating reflects our view of: A high level of debt ($133.5 million) with an exceptionally high debt burden of 37% of fiscal 2010 expenses, combined with slim financial resources, with cash and investments totaling only 2.7% of debt in fiscal 2010, although unrestricted resources were better at $52.3 million and 39% of debt in fiscal 2010; A significant change in the school's risk profile over the next several years as the institution's enrollment is expected to increase further with the completion of...
Companies mentioned in this report are: Thomas Jefferson School of Law,California Statewide Communities Dev 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
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