...Standard & Poor's Ratings Services affirmed its '##-' long-term and underlying ratings (SPURs) for bonds issued by and for the University of Kentucky. At fiscal year end June 30, 2011, the university had total debt and capitalized leases outstanding of $702 million. The outlook on all rated debt issues remains stable. The '##-' long-term rating reflects our assessment of the university's: + Flagship status of the Kentucky higher education system, coupled with its broad programmatic offerings and nationally recognized academic medical center; + Stable enrollment and favorable demand characteristics. + Good revenue diversity with its profitable health services accounting for 44% of total operating revenue in fiscal 2011, tuition and fees 16%, grants and contracts 16% , relatively stable state operating support 14% (Kentucky's issuer credit rating is ##-/Stable), and investment income and other 10%; + Strong financial performance with an operating surplus on a full accrual basis of $48.2 million...
