Rating Raised To 'BBB' On Albany College of Pharmacy & Health Sciences, NY's Revenue Bonds Due To Operating Surpluses

Stocks and Financial Services Press Releases Friday February 8, 2013 08:35
SAN FRANCISCO--8 Feb--Standard & Poor's

SAN FRANCISCO (Standard & Poor's) Feb. 7, 2013--Standard & Poor's Ratings Services raised its long-term rating to 'BBB' from 'BBB-' on the Albany Industrial Development Agency, N.Y.'s series 2004A bonds issued for the Albany College of Pharmacy & Health Sciences (ACPHS). At the same time, Standard & Poor's raised its underlying rating (SPUR) to 'BBB' from 'BBB-' on ACPHS's series 2008A civic facility revenue bonds, issued by the Albany Industrial Development Agency. The outlook is stable. Finally, Standard & Poor's affirmed its 'AA+/A-1+' rating on ACPHS's series 2008A bonds, reflecting the application of joint criteria with low correlation, whereby we based the long-term component of the rating on 'BBB' rated Albany College of Pharmacy & Health Sciences and the letter of credit (LOC) provider TD Banknorth N.A. The expiration date of the LOC is Jan. 24, 2016.

"The raised ratings reflect our view of ACPHS's financial resources, which are at levels consistent with 'BBB' rating level medians and the maintenance of healthy operating surpluses on a full-accrual basis," said Standard & Poor's credit analyst Geraldine Poon. "Additionally, demand and enrollment continue to be solid, lending stability to the overall credit profile," Ms. Poon added.

The college was founded in 1881 as the Department of Pharmacy of Union University. ACPHS is a private, independent institution that has academic programs and research activities in pharmacy and health sciences -- from drug discovery to patient care.

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