Bangkok--4 Nov--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'AA' long-term rating to the Washington State University (WSU), Wash.'s $112.92 million series 2009 building fee revenue bonds. In addition, Standard & Poor's affirmed its 'AA' long-term and underlying rating (SPUR) on the university's recreation center revenue refunding bonds and student fee revenue bonds; its 'A+' long-term rating and SPUR on the university's housing and dining system revenue bonds; and its 'A' long-term rating and SPUR on the university's parking system revenue bonds.
"The rating reflects the university's pledge to hold building fees and trust land endowment income in a fund, which we consider to be equivalent to an unlimited student fee pledge," said Standard & Poor's credit analyst Jessica Matsumori. "Further supporting the rating is the conservative invested nature of the fund."
Proceeds from the bonds will be used to fund the construction of the veterinary medical research building, Vancouver applied technology classrooms, and global animal health building. The bonds are expected to be issued as fixed rate bonds, a portion of which will be taxable Build America Bonds (BABs).
WSU is Washington's land-grant institution and one of two public universities in Washington that grants doctoral degrees. WSU's curriculum reflects its land-grant status, focusing on biotechnology, environmental sociology, wheat breeding, and veterinary medicine. The Pullman main campus, in southeastern Washington, is complemented by a co-campus in Spokane and regional campuses in Vancouver and the Tri-Cities.
RELATED RESEARCH
Criteria: "Enhanced Methodology And Assumptions For Rating Government-Related Entities," June 29, 2009
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
Robert Hannay, San Francisco (1) 415-371-5038