The rating on Connecticut Health and Educational Facilities Authority's bonds, issued for Miss Porter's School, reflects the school's: Sound liquidity levels with $57 million in endowment funds as of June 30, 1999, equal to $190,000 per student; Long history of balanced financial operations with average annual surpluses of $2.3 million since 1996; Financial flexibility afforded by lowering endowment spending and lack of tenure system; Very manageable pro forma debt service; Improving demand profile and low attrition rate; and Strong management team with clear vision for future. A higher rating is precluded by the school's: Small size, with 300 enrolled students for 1999; Narrowly defined niche in the industry; and High tuition discount rate. The bond proceeds will finance construction of
