College of the Holy Cross, MA#s Series 2018A Bonds Rated #AA-#

Stocks and Financial Services Press Releases Thursday April 12, 2018 11:39
CENTENNIAL--12 Apr--S&P Global Ratings

CENTENNIAL (S&P Global Ratings) April 11, 2018--S&P Global Ratings assigned its 'AA-' long-term rating to Massachusetts Development Finance Agency's series 2018A revenue bonds, issued for College of the Holy Cross, and affirmed its 'AA-' long-term rating and underlying rating (SPUR) on the agency's series 2002, 2007, 2008B, 2016, and 2017 bonds. S&P Global Ratings also affirmed its 'AA+/A-1' rating on the agency's series 2008A revenue bonds, issued for the college. The outlook is stable.

"The stable outlook reflects our opinion that Holy Cross will likely maintain solid full-accrual operating surpluses, stable enrollment, and continue to grow available resources during the next two fiscal years," said S&P Global Ratings credit analyst Sean Lacy.

We base the 'AA+' long-term rating component on the application of our joint criteria, which incorporates a letter of credit (LOC) from JPMorgan Chase Bank N.A., and on the 'AA-' rating on the college's series 2018A bonds. The short-term rating component reflects the 'A-1' short-term rating on JPMorgan Chase Bank N.A. The LOC's expiration date is Dec. 15, 2018.

Our rating reflects Holy Cross' very strong enterprise profile, characterized by solid selectivity, graduation, and retention rates, as well as healthy fundraising. We assessed Holy Cross' financial profile as strong with a continued history of solid full-accrual surpluses through fiscal 2017 and robust financial resources ratios. Combined, we believe these credit factors lead to an indicative stand-alone credit profile of 'a+'. In our opinion, the final rating of 'AA-' on Holy Cross' bonds better reflects Holy Cross' significant cash and investments compared with outstanding and pro forma debt.

A general obligation pledge of the college secures the bonds. Management plans to use series 2018A bond proceeds to refund the college's series 2008B bonds.

Latest Press Release

IMF Staff Concludes Visit to Costa Rica

An International Monetary Fund (IMF) team led by Ravi Balakrishnan visited San Jose from December 4 to 11 to discuss recent economic developments, the fiscal reform, and the overall macro and financial outlook. The mission held fruitful discussions with...

KTC joins Gaysorn Village giving privilege to its cardmembers in Gaysorn Christmas Village.

"KTC" or Krungthai Card Public Company Limited, by Mr. Nattasit Soontranu, Vice President - Credit Card Business, - in association with "Gaysorn Village" by Mr. Jiras Watanapattaraset, Executive Vice President – Marketing Department, give special...

Photo Release: TMB Congratulates #SMEs Excellence Awards 2018 Customers

TMB represented by Mr.Jakrpant Jarutirasarn, Head of Small SME Customer Relationship Management and Ms.Chantachuen Khaomali, Head of Business Banking Customer Relationship Management recently congratulated its SME customers Mr.Kulawachara...

Photo Release: SCB Abacus and Siam Commercial Bank in collaboration with Pracharat Blue Flag 4.0 scheme, offering digital loans with instant credit approval for SMEs

The Ministry of Commerce, Thailand led by his excellency Mr. Sontirat Sontijirawong (8th left), Minister of Commerce, recently held an MOU signing ceremony for Pracharat Blue Flag 4.0 scheme. SCB Abacus, represented by Dr. Sutapa Amornvivat (8th right),...

Krungsri joins hands with SkillLane to boost employees Learning Agility with flexible online courses

Krungsri (Bank of Ayudhya PCL) reinforces its efforts in creating an organization of innovation under its "Think Digital First" strategy by collaborating with SkillLane, Thailand's number one digital training platform, to provide more learning...

Related Topics