Bangkok--15 Oct--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'AAA' long-term rating to the $190 million Missouri Health and Educational Facilities Authority (MOHEFA) educational facilities revenue bonds, series 2008A, issued on behalf of Washington University (WU). We also affirmed our 'AAA' long-term rating on various educational facilities revenue bonds issued by MOHEFA for WU. The short-term 'A-1+' ratings on various WU bonds reflect bank liquidity support for variable-rate demand bonds. The outlook on the long-term rating is stable.
"The long-term rating reflects WU's strong balance sheet, with 2008 unrestricted resources equal to 2.6x operating expenses and 4.3x pro forma debt, and even more impressive liquidity based on total cash and investments," said Standard & Poor's credit analyst Susan Carlson. "The university also has consistently strong operating performance, a high level of revenue diversity, and proven fundraising capacity."
Bond proceeds will be used to reimburse WU for several completed capital projects (about $80 million) and finance Complete ratings information is available to subscribers of RatingsDirect, the real-time Web-based source for Standard & Poor's credit ratings, research, and risk analysis, at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com; select your preferred country or region, then Ratings in the left navigation bar, followed by Credit Ratings Search.
Media Contact:
Edward Sweeney, New York, (1) 212-438-6634
[email protected]
Analyst Contacts:various capital projects on WU's Danforth academic campus and at the medical campus, consistent with the university's long-term capital plan.
Founded in 1853, Washington University is a comprehensive urban institution located in St. Louis. The university offers an array of undergraduate, graduate, and professional programs, including schools of medicine, law, engineering, and business. The total enrollment for fall 2008 is 13,458 (11,995 full-time equivalent).
Complete ratings information is available to subscribers of RatingsDirect, the real-time Web-based source for Standard & Poor's credit ratings, research, and risk analysis, at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com; select your preferred country or region, then Ratings in the left navigation bar, followed by Credit Ratings Search.
Media Contact:
Edward Sweeney, New York, (1) 212-438-6634
[email protected]
Analyst Contacts:
Susan Carlson, Chicago 1 (312) 233-7006
Jessica Matsumori, San Francisco (1) 415-371-5083