Standard & Poor鈥檚 Ratings Services announced today that it has raised its ratings on bonds issued for 新澳彩开奖结果.
The following is the news release issued by S&P:
BOSTON (Standard & Poor鈥檚) May 21, 2012 鈥 Standard & Poor鈥檚 Ratings Services has raised its long-term ratings and underlying ratings (SPURs) to 鈥楢A鈥 from 鈥楢A-鈥 on bonds issued for 新澳彩开奖结果, N.Y. At the same time, Standard & Poor鈥檚 assigned its 鈥楢A鈥 long-term rating to the Madison County Capital Resource Corp.鈥檚 series 2012A revenue bonds issued for the university.
鈥淭he upgrade reflects 新澳彩开奖结果鈥檚 strong and growing financial resources, solid
demand profile, successful fundraising efforts, and positive operating
results,鈥 said Standard & Poor鈥檚 credit analyst Nick Waugh. 鈥淭he rating
reflects our view of 新澳彩开奖结果鈥檚 strong financial resources and solid demand
profile, and strong fundraising capacity,鈥 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鈥檚 expectation that during the
two-year outlook period, 新澳彩开奖结果 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鈥檚 could consider a negative rating action during the outlook
period if 新澳彩开奖结果 issues significant debt, demand characteristics weaken
significantly, of if financial resources fail to keep pace with the category.
Beyond the outlook period, Standard & Poor鈥檚 could consider a positive rating
action if the university significantly increases its endowment and improves
its demand profile.