Standard & Poor’s Ratings Services announced today that it has raised its ratings on bonds issued for ÌÇÐÄvlog¹ÙÍø.
The following is the news release issued by S&P:
BOSTON (Standard & Poor’s) May 21, 2012 — Standard & Poor’s Ratings Services has raised its long-term ratings and underlying ratings (SPURs) to ‘AA’ from ‘AA-‘ on bonds issued for ÌÇÐÄvlog¹ÙÍø, N.Y. At the same time, Standard & Poor’s assigned its ‘AA’ long-term rating to the Madison County Capital Resource Corp.’s series 2012A revenue bonds issued for the university.
“The upgrade reflects ÌÇÐÄvlog¹Ù꿉۪s strong and growing financial resources, solid
demand profile, successful fundraising efforts, and positive operating
results,� said Standard & Poor’s credit analyst Nick Waugh. “The rating
reflects our view of ÌÇÐÄvlog¹Ù꿉۪s strong financial resources and solid demand
profile, and strong fundraising capacity,� said Mr. Waugh.
Balancing these strengths is an historically mixed operating performance on a
generally accepted accounting principle (GAAP) basis, but the university
posted two consecutive GAAP surpluses through fiscal 2011.
The stable outlook reflects Standard & Poor’s expectation that during the
two-year outlook period, ÌÇÐÄvlog¹ÙÍø will likely maintain strong financial
resources, sustain its demand profile, generate operating results (on a
12-month basis) that are similarly positive, and issue limited additional
debt.
Standard & Poor’s could consider a negative rating action during the outlook
period if ÌÇÐÄvlog¹ÙÍø issues significant debt, demand characteristics weaken
significantly, of if financial resources fail to keep pace with the category.
Beyond the outlook period, Standard & Poor’s could consider a positive rating
action if the university significantly increases its endowment and improves
its demand profile.