University Of Alabama Revenue Bonds Assigned #AA# Rating On Robust Operating Margins, Growing Enrollment

Stocks and Financial Services Press Releases Thursday July 13, 2017 09:29
NEW YORK--13 Jul--S&P Global Ratings

NEW YORK (S&P Global Ratings) July 12, 2017--S&P Global Ratings assigned its 'AA' rating to the University of Alabama Board of Trustees' $26.3 million series 2017-A, $147.9 million series 2017-B, and $25.0 million series 2017-C general revenue bonds, issued on behalf of the University of Alabama (UA). At the same time, S&P Global Ratings affirmed its 'AA' long-term rating and underlying rating (SPUR) on UA's outstanding general revenue bonds.

The outlook on all ratings is stable. "The rating reflects our view of UA's very strong enterprise profile as evidenced by its growing enrollment, good selectivity, and a geographically diversified student body," said S&P Global Ratings credit analyst Mary Ellen Wriedt.

"The rating further reflects our view of UA's very strong financial profile, reflecting robust operating margins, growing financial resources, and a moderately high debt burden, Ms. Wriedt added.

The series 2017 bonds include $148 million in new money for certain capital improvements on campus, as well as $51 million in refunding bonds. Established in 1831, the University of Alabama, which is located on a well-maintained campus in Tuscaloosa, is the state's oldest and largest institution of higher education. Combined, UA's 10 schools and colleges offer more than 200 undergraduate and graduate programs.

Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria.

Please see Ratings Criteria at www.standardandpoors.com for further information.
Complete ratings information is available to subscribers of RatingsDirect at www.globalcreditportal.com and atwww.spcapitaliq.com.
All ratings affected by this rating action can be found on the S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.

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