Thomas M. Cooley Law School, MI Outlook Revised To Positive On Improved Operating Results

Stocks and Financial Services Press Releases Wednesday March 14, 2018 09:36
CHICAGO--14 Mar--S&P Global Ratings

CHICAGO (S&P Global Ratings) March 13, 2018--S&P Global Ratings revised its outlook to positive from stable and affirmed its 'BB' long-term rating on Michigan Finance Authority's series 2014 limited obligation revenue bond issued for the Thomas M. Cooley Law School (Cooley). We also affirmed our 'BB' issuer credit rating (ICR) on the school. The outlook is positive for all ratings.

"The revised outlook reflects our view of the school's improved operating results ahead of projections, strengthening available resources and expectations that the school's debt burden will continue to moderate," said S&P Global Ratings credit analyst Ashley Ramchandani. The rating reflects our opinion that the school will continue to experience significant enrollment and demand pressure during the next few years as it, like other U.S. law schools, navigates enrollment challenges. Management reports that it remains in compliance with all covenants and projects maintaining days' cash on hand well above its covenant of 175 days as required in bond documents.

The positive outlook reflects our anticipation that total headcount will remain at or near current levels, that the school will maintain its demand profile and continue to generate balanced to positive operating performance on a full accrual basis. We also anticipate that balance sheet metrics will demonstrate improvement over time. We do not anticipate any additional debt issuances.

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.capitaliq.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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