Bangkok--6 May--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'A-' underlying rating (SPUR), with a stable outlook, to the Board of Trustees for Western State College, Colo.'s revenue bonds, series 2009 A and B. The SPUR is based on our view of the college's pledge of net auxiliary revenues and anticipated pledge of 10% of tuition revenues. Standard & Poor's also assigned its 'AA-' rating, with a stable outlook, to the 2009A and B bonds based on the state intercept program.
"The SPUR is based on our consideration of the college's initial security structure of pledged auxiliary revenues and anticipated, automatic pledge of 10% of tuition revenues when the college achieves enterprise status under state statute," said Standard & Poor's credit analyst Carlotta Mills. We understand that the tuition pledge applies only to the 2009 bonds, not outstanding college auxiliary bonds.
Bond proceeds will provide $11 million of new money to fund a new student center and will reimburse $9 million in funds that the college has already spent (in the form of capital leases) for a dining hall.
Western State College of Colorado is one of six public state colleges in Colorado. Fall 2008 full-time-equivalent students totaled 2,052.
RELATED RESEARCH
USPF Criteria: "Higher Education," June 19, 2007
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Media Contact:
Ana Sandoval, New York (1) 212-438-5095, [email protected]
Analyst Contacts:
Carlotta R Mills, San Francisco (1) 415-371-5020
Jessica Matsumori, San Francisco (1) 415-371-5083