Bangkok--1 Feb--Standard & Poor's
Standard & Poor's Ratings Services raised its rating and underlying rating (SPUR) to 'A+' from 'A' on Flathead Valley Community College District, Mont.'s outstanding general obligation debt. The outlook is stable.
"The raised ratings reflect the district's solid financial performance over recent years that has led to a strengthening of reserve levels," said Standard & Poor's credit analyst Paul Dyson.
Financial operations are consistently good. The audited statement of net assets for district-wide operations, from fiscals 2003 to 2008, includes an increase to total and unrestricted net assets in each year. In the latest audited fiscal year 2008, the unrestricted net assets increased by $595,727 and totaled $6.3 million, or 31.1% of the total operating expenditures. Unaudited results for fiscal 2009 indicated unrestricted net assets of $5.3 million, or a still strong 23% of expenditures. While this total is lower than fiscal 2008's, overall net assets increased by $416,860. The district's current tuition is $93 per credit hour, about average for the state, and the district anticipates a modest tuition increase in 2010.
The district is located in Flathead County in northwestern Montana, and serves a full-time-equivalent enrollment of 1,557. The district is coterminous with the county (population 88,473), a developing rural area. The main campus is located in the City of Kalispell, the county seat.
RELATED RESEARCH
USPF Criteria: GO Debt, Oct. 12, 2006
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Media Contact:
Ana Sandoval, New York (1) 212-438-5095,
[email protected]
Analyst Contacts:
Paul Dyson, San Francisco (1) 415-371-5079
Li H Yang, San Francisco 1-415-371-5024
Key Contacts:
Americas Media Relations: (1) 212-438-6667
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[email protected]
Americas Customer Service: (1) 212-438-7280
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