Standard&Poor's Ratings Services lowered its rating on Pennsylvania Higher Educational Facilities Authority's revenue debt, issued for Thomas Jefferson University (TJU), one notch to 'A' from 'A+'. The outlook is stable. At the same time, Standard&Poor's assigned its 'A' rating and stable outlook to the authority's series 2015A and 2015B revenue bonds. The downgrade reflects our assessment of the university's diminished financial profile due to the current debt issuance, which weakened financial resource ratios to levels below 'A' category medians. We believe, what we consider, TJU's very strong demand profile and positive operating margins no longer sufficiently offset the financial resources we now view as low compared with category medians. In addition, the merger with Thomas Jefferson
