Bangkok--5 Jun--Standard & Poor's
Standard & Poor's Ratings Services raised its underlying rating (SPUR) to 'A+' from 'A-' on Laramie County Community College District, Wyo.'s series 2005 lease revenue bonds. Standard & Poor's also assigned its 'A+' rating and stable outlook to the district's series 2009 lease revenue bonds. The outlook is stable.
"The ratings reflect our view of the district's stabilizing enrollment, sustained balanced operating results, ongoing strong support from the state (AA+), and self-supporting operations of the housing facilities," said Standard & Poor's credit analyst Carlotta Mills.
The district has dedicated revenue streams for both the series 2005 and 2009 bonds to pay debt service, with the additional ability (although not pledged) to pay debt service from other unrestricted income including property tax revenues. In our view, the district has adequate financial resources for the rating category, with adjusted unrestricted net assets equaling 16% of 2008 operating expenses and 40% to post-issuance debt.
Proceeds will be used primarily to renovate and expand kitchen and dining facilities and provide maintenance on a residence hall built in 1989. The district expects the bonds will be Build America Bonds.
RELATED RESEARCH
-- USPF Criteria: "Higher Education," June 19, 2007
-- USPF Criteria: "Appropriation-Backed Obligations," June 13, 2007
Complete ratings information is available to RatingsDirect subscribers 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 Find a Rating.
Media Contact:
Ana Sandoval, New York (1) 212-438-5095, [email protected]
Analyst Contacts:
Carlotta R Mills, San Francisco (1) 415-371-5020
Susan Carlson, Chicago (1) 312-233-7006
Key Contacts:
Americas Media Relations: (1) 212-438-6667
media_ [email protected]
Americas Customer Service: (1) 212-438-7280
[email protected]