Standard&Poor's Ratings Services lowered its rating on Pennsylvania Higher Educational Facilities Authority's series 2010 revenue bonds, issued for Thomas Jefferson University (TJU), one notch to 'A+' from 'AA-'. The outlook is stable. At the same time, Standard&Poor's assigned its 'A+' rating and stable outlook to the authority's series 2012 revenue bonds, issued for TJU. The downgrade reflects our assessment of the university's low financial resources, which are below other 'AA' rated peer institutions and further pressured by the recent issuance of additional debt, coupled with a weaker operating performance in fiscal years 2010 and 2011. The downgrade also reflects our assessment of the rising reimbursement risk and expenses related to Jefferson University Physicians (JUP), the university's
