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Benedict College, SC 'BB' Bond Rating Outlook Revised To Negative On Possible Increased Debt Jan 12
Standard & Poors, Jan 2012
Abstract
NEW YORK (Standard & Poor's) Jan. 27, 2012--Standard & Poor's Ratings Services has revised its rating outlook to negative from stable and affirmed its 'BB' long-term rating and underlying rating (SPUR) on South Carolina Educational Facilities Authority's series 2002 education facility capital improvement bonds, issued for Benedict College. 'The negative outlook reflects our view of the potential issuance of $27 million of new money debt in spring 2012, which would bring total debt to about $98 million coupled with cash and investments that are currently restricted for debt service or as collateral for debt,' said Standard & Poor's credit analyst Bobbi Gajwani. 'In addition, the majority of students rely on Pell Grant funding to cover the cost of tuition, making...
Companies mentioned in this report are: Benedict Coll,South Carolina Ed Fac Auth
Action: Affirmed
Action: Outlook: Negative
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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