Report title: Yonkers Industrial Development Agency, New York Sarah Lawrence College; Private Coll/Univ - General Obligation
from S&P Credit Research
2731 word report published Nov 03, 2009

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Abstract: Standard&Poor's Ratings Services affirmed its 'BBB+' underlying rating (SPUR) on the City of Yonkers Industrial Development Agency, N.Y.'s series A civic facility revenue bonds, issued in 2004 for Sarah Lawrence College (SLC). The university is in the process of converting the bonds to serial fixed rate from an auction rate mode. The rating reflects: Improved operating results, with balanced but very tight budgets in fiscal 2009 and to date in fiscal 2010, although operating deficits on a full-accrual basis continued through fiscal 2009; Weak financial resource ratios for the rating category, with unrestricted resources at June 30, 2009, of $12 million equal to only 14% of operating expenses, and 26% of outstanding debt (resources are stronger based on

Brief Excerpt: RESEARCH Ratings Definitions Yonkers Industrial Development Agency, New York Sarah Lawrence College; Private Coll/Univ - General Obligation Publication date: 03-Nov-2009 Primary Credit Analyst: Susan Carlson, Chicago 1 (312) 233-7006;...

Report Type: Full Report
Issuer: Sarah Lawrence Coll
Sector: Global Issuers, Public Finance
Country: United States
Region: United States
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