Bangkok--25 Sep--Standard & Poor's
Standard & Poor's Ratings Services raised its underlying rating (SPUR) to 'A+' from 'A-' on Western Wyoming Community College Building Authority's series 2007 lease revenue bonds issued on behalf of the Western Wyoming Community College District (WWCCD). The outlook is stable.
"The raised rating is based on our view of ongoing operating support from Wyoming, at about 25% in fiscal 2009, as well as the district's dedicated revenue streams to pay debt service," said Standard & Poor's credit analyst Carlotta Mills. "The district has the additional ability, although not a pledge, to pay debt service from other unrestricted income including property tax revenues." Wyoming's issuer credit rating is 'AA+/Stable'.
The bonds are a limited obligation of the authority and are secured by lease payments made by the district. District lease payments may come from a broad range of sources and are subject to annual appropriation. The pledge includes the college's foundation's commitment of $50,000 annually toward the approximate $300,000 debt service. Other income includes a dedicated student fee and income from the existing housing system. There is also a debt service reserve fund that was cash funded by the district at closing. Bond proceeds were used to construct a 48-bed residence hall that was opened in June 2008. This debt is WWCCD's only debt.
The district is one of seven community colleges in the state. The district's main campus is located in Rock Springs, Wyo., on a 281-acre campus.
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
Key Contacts:
Americas Media Relations: (1) 212-438-6667
media_ [email protected]
Americas Customer Service: (1) 212-438-7280
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