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Annapolis, Maryland St. John's College; Private Coll/Univ - General Obligation Jan 12
Standard & Poors, Jan 2012
Abstract
Standard & Poor's Ratings Services affirmed its 'BBB+' long-term rating on Annapolis, Md.'s, economic development revenue and refunding bonds, series 1998 and 2007, issued for St. John's College, Annapolis campus. The outlook is stable. We do not rate the parity series 2011 bonds issued on behalf of the Sante Fe campus. Our balance sheet analysis focuses on the combined college financial position (there are two separate campuses) because of the common security pledge, as well as the stronger operating performance, more stable enrollment, and larger endowment at the Annapolis campus. In addition, another indication of the financial linkage between the two campuses is that the fiscal 2011 and 2012 budgets used reserve funds to assist the Santa Fe campus. The...
Companies mentioned in this report are: St. Johns Coll,Annapolis
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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