Lafayette Public Trust Financing Authority, Louisiana Ragin' Cajun Facilities Corp.; Auxiliary - System; Public Coll/Univ - Unlimited Student Fees Mar 12

Standard & Poors, March 2012

Abstract
Standard & Poor's Ratings Services affirmed its 'A' long-term rating on the Lafayette Public Trust Financing Authority, La.'s series 2010 higher education revenue bonds (student union bonds), issued on behalf of Ragin' Cajun Facilities Corp. at the University of Louisiana-Lafayette, La. (UL-L). Standard and Poor's also affirmed its 'BBB+' underlying rating (SPUR) on the corporation's outstanding series 2010 and 2009 housing and parking bonds (auxiliary facility revenue bonds). The outlook on all ratings is stable. In our view, ULL's stable enrollment and strong coverage of both the student union and auxiliary debt support the rating. This offsets, in our opinion, its recent history of negative full-accrual operating performance due to noncash expense accruals of other post-employment benefits (OPEB), which also...

Companies mentioned in this report are: Ragin' Cajun Facs Corp ,Lafayette Pub Trust Fincg 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

Ragin' Cajun Facs Corp ,Lafayette Pub Trust Fincg Auth

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