Summary: Iowa State Board of Regents University of Northern Iowa; Auxiliary - System; Public Coll/Univ - Unlimited Student Fees

University of Northern Iowa Rebecca Chahid, Boston (1) 617-371-0315; Jennifer J Neel, New York (1) 212-208-1689 The rating on Iowa State Board of Regents' bonds, issued for University of Northern Iowa (UNI), reflects: * The limited nature of the Residence System's net revenue pledge; * Strong demand for housing; and * Adequate debt service coverage from pledged revenues. The rating also incorporates the general credit strengths of the University of Northern Iowa, whose unlimited student fee revenue bonds are rated A. These credit strengths include strong state support, growing enrollment, and continued profitability. The Residence System consists of 10 residence halls, four dining centers and 365 apartment units. As a result of continued strong demand for university housing, as demonstrated

...The rating on Iowa State Board of Regents' bonds, issued for University of Northern Iowa (UNI), reflects: * The limited nature of the Residence System's net revenue pledge; * Strong demand for housing; and * Adequate debt service coverage from pledged revenues. The rating also incorporates the general credit strengths of the University of Northern Iowa, whose unlimited student fee revenue bonds are rated A. These credit strengths include strong state support, growing enrollment, and continued profitability. The Residence System consists of 10 residence halls, four dining centers and 365 apartment units. As a result of continued strong demand for university housing, as demonstrated by occupancy rates in excess of 90% over the last five years, debt service coverage levels on the university's outstanding Residence System Revenue Bonds (Series 1999, 1964, 1967 and 1992) remains adequate at about 1.75 times (x). However, over the next five years, the university expects to more than double its...

Summary