Bangkok--20 Jul--Standard & Poor's
Standard & Poor's Ratings Services raised its underlying rating (SPUR) to 'A+' from 'A-' on the $3.3 million outstanding series 2004 lease revenue bonds issued by the Laramie County Community College Foundation, Wyo. The outlook is stable.
The debt service is payable from a lease between the foundation and the Laramie County Community College, which is absolutely and unconditionally obligated (as lessee) to make lease payments, subject to annual appropriation. Laramie County Community College District's (LCCCD) lease revenue bond SPUR was raised to 'A+' from 'A-' on June 4, 2009. The SPUR on these foundation lease revenue bonds is raised to reflect LCCCD's credit features and strengths, as well as the annual appropriation risk of the lease.
"The raised rating is based on the ongoing operating support from Wyoming, at more than 50% in fiscal 2009; the underlying credit of the LCCCD; and dedicated revenue streams for other bonds issued by the district, with the additional ability (although not a pledge) to pay debt service from other unrestricted income including property tax revenues," said Standard & Poor's credit analyst Carlotta Mills.
Proceeds of the 2004 bonds were used to construct a replacement academic building for the district's Laramie campus that includes classrooms, faculty offices, and a lab. The facility opened in October 2005. The 2004 lease revenue bonds mature in 2024.
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
Susan Carlson, Chicago 1 (312) 233-7006
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