Bangkok--11 Sep--Standard & Poor's
Standard & Poor's Ratings Services raised its long term and underlying rating (SPUR) to 'A' from 'A-' on the Utah County Municipal Building Authority, Utah's lease revenue bonds, series 2004A and series 2004B, issued on behalf of Utah Valley University (UVU), formerly known as Utah Valley State College (UVSC). The outlook is stable.
"The raised rating reflects our opinion of long-term improvements made by UVSU, including good increases to its financial resources as well as significant demand and headcount increases," said Standard & Poor's credit analyst Jessica Matsumori. "Further supporting the rating are the university's operating surpluses -- on a full accrual basis -- since 2005."
Following several years of relatively steady enrollment, headcount increased 12% for fall 2008, partly due to local economic factors and the institution's name change to "university". There were 17,900 undergraduate full-time equivalents for fall 2008.
The university, established in 1941 as Utah Valley State College, became a four-year university in 1993 and formally changed its name to Utah Valley University in 2008. Its most popular majors include aviation, culinary arts, business, and hospitality management. The campus is on 238 acres in Orem, 40 miles south of Salt Lake City, near the City of Provo in Utah County (AA/Stable). Approximately 70% of its students are from Utah County. The university also maintains satellite campuses.
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:
Jessica Matsumori, San Francisco (1) 415-371-5083
Carlotta R Mills, San Francisco (1) 415-371-5020