Standard&Poor's Ratings Services assigned its 'A-' rating to Missouri Southern State University's $14.5 million auxiliary enterprise system refunding and improvement revenue bonds, series 2008. The rating reflects the university's: Strong current debt service coverage in the auxiliary system and projected coverage with the new student fee; History of stable financial support from the state of Missouri ('AAA/Stable'), representing the largest portion of university revenue (39%); and Moderate pro forma debt burden of about 4.2% of 2007 expenses. Offsetting factors include: Negative financial operations for fiscals 2006 and fiscal 2007, and negative financial operations anticipated for fiscal 2008, although the deficits are partially due to non-recurring expenses related to a cash-funded administrative software system; and Very weak liquidity for
