...+ The Burrell College of Osteopathic Medicine LLC (BCOM) is proposing to raise $53.24 million in Educational Facilities Revenue Bonds to refinance existing debt of $38.63 million and fund reserves. + Annual debt service is lower than our expectation at the time of the preliminary rating assignment (June 28), given a successful bond offering at favorable interest rates. Our analysis, however, remains unchanged and the '###+' assessment of the project's operations phase still holds. + The minimum debt service coverage ratio (DSCR) of 2.14x (1.91x when we assigned preliminary ratings; the increase driven by lower-than-expected interest rates) leads to a preliminary stand-alone credit profile rating of 'a'. + Our downside case expectations remain at the '###' rating category, capping the rating to '###+'. While the coverage metrics are higher for this downside outcome (1.16x vs. 1.04x when we assessed preliminary ratings), we believe the '###' downside assessment accurately captures the potential...
