Dubuque University, IA's Notes Assigned 'SP-1' Rating Based On Underlying Institutional Credit Quality And Coverage

CHICAGO (Standard&Poor's) May 5, 2015--Standard&Poor's Ratings Services assigned its 'SP-1' short-term rating to Iowa Higher Education Loan Authority's series 2015A revenue anticipation notes (RANs) issued for Dubuque University (UD) as one of the two participants in the authority's Private Education Working Capital Loan Program. We have not been asked to rate the other note participants. "The short-term note rating on the series 2015 RANs for UD reflects our opinion of the underlying credit quality of the institution (BBB-/Stable) and the projected coverage of debt service at the May 16, 2015 maturity," said Standard&Poor's credit analyst Ashley Ramchandani. "We estimate note debt service coverage levels, at the time of maturity, based on unrestricted resources calculated

...CHICAGO (Standard & Poor's) May 5, 2015--Standard & Poor's Ratings Services assigned its 'SP-1' short-term rating to Iowa Higher Education Loan Authority's series 2015A revenue anticipation notes (RANs) issued for Dubuque University (UD) as one of the two participants in the authority's Private Education Working Capital Loan Program. We have not been asked to rate the other note participants. "The short-term note rating on the series 2015 RANs for UD reflects our opinion of the underlying credit quality of the institution (###-/Stable) and the projected coverage of debt service at the May 16, 2015 maturity," said Standard & Poor's credit analyst Ashley Ramchandani. "We estimate note debt service coverage levels, at the time of maturity, based on unrestricted resources calculated from each institution's audited 2014 financial statements. We used our judgment in stressing the cash flow and liquidity information provided and therefore, in calculating our estimated note coverage at maturity,"...

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