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

SET and IPPD join hands to foster research on sustainable development

The Stock Exchange of Thailand (SET) and The Institute of Public Policy and Development (IPPD), under the Thai government think tank, signed a memorandum of understanding (MoU) to jointly conduct insightful and practical researches to benefit the...

Photo Release: Outstanding Women Leaders for Green Growth Award

Recently, at Grand Hyatt Erawan Hotel, Ms. Kattiya Indaravijaya, KBank President, received the "2019 Outstanding Women Leaders for Green Growth Award" for being an exemplary role model in developing businesses which are environmental friendly and an...

Mastercard Strengthens its Leading Position in Real-Time Payments in Asia Pacific with Increased Focus on Thailand

Global payments and technology leader is bringing further innovation to Thailand as part of its push to advance the regional digital payments agenda Today, at the Bangkok Fintech Fair 2019, Mastercard announced a commitment to deliver a growing suite of...

Ultra Sale on Tokinex Completed in 35 Seconds

Tokinex, the Bitfinex and Ethfinex token sale platform, today announces the successful completion of its 5m USD token sale of Ultra (UOS) in just 35 seconds. Ultra is a protocol and platform positioned to disrupt the $140bn gaming industry by using...

Photo Release: Mastercard Presents its Leading Position in Real-Time Payments at the Bangkok Fintech Fair 2019

Recently, at the Bangkok Fintech Fair 2019, Mastercard announced a commitment to deliver a growing suite of real-time and digital payments solutions across Asia Pacific through its regional real-time payments hub, with data centers in Thailand and...

Related Topics