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Allegheny County Industrial Development Authority Western Pennsylvania School For Blind Children; Independent Schools Mar 09
Standard & Poors, March 2009
Abstract
Standard & Poor's Ratings Services affirmed its 'AA+/A-1' rating, and stable outlook, on Allegheny County Industrial Development Authority, Pa.'s variable-rate demand revenue bonds, issued for Western Pennsylvania School for Blind Children. The rating reflects: The school's unique role as a Pennsylvania chartered private school that provides mandated, essential training, and related services to blind individuals who also have other mild to moderate disabilities; A stable funding stream from Pennsylvania (general obligation debt rating; 'AA'), although the rate of increase in funding from the commonwealth and school districts is decreasing; Strong operating performance with surpluses each of the past six years; Exceptionally strong fiscal 2008 expendable resources of $179 million representing 8.6x operating expenses and 11.9x outstanding debt; and Low debt...
Companies mentioned in this report are: Western Pennsylvania Sch for Blind Children,Allegheny Cnty Indl 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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