Summary: Oklahoma Development Finance Authority Seminole State College; Junior/Community College Feb 13

Standard & Poors, February 2013

Abstract
Standard & Poor's Ratings Services affirmed its 'BBB-' long-term rating on Oklahoma Development Finance Authority's series 2006 student housing revenue bonds outstanding, issued on behalf of Seminole State College. The outlook is stable. The rating reflects the housing system's very good occupancy levels, as well as stability in the college's overall full-time enrollment (FTE). The college's financial profile remains a credit weakness, in our opinion, with its weak balance sheet and only adequate operations for the rating. The rating reflects our view of the college's: Very limited balance sheet (as with most Oklahoma community colleges), with adjusted unrestricted net assets (inclusive of debt service reserve funds) in fiscal 2012 of $1.9 million, equal to 3.9% of operations and 9.2% of...

Companies mentioned in this report are:
- Seminole St Coll
- Oklahoma Dev Fin Auth

Action: Affirmed
Action: New Rating

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Seminole St Coll
- Oklahoma Dev Fin Auth

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