Standard&Poor's Ratings Services has affirmed its 'AA-' long-term rating for Pennsylvania Higher Educational Facilities Authority's series 2010 revenue bonds issued on behalf of Thomas Jefferson University (TJU). The 'AA-' rating reflects our assessment of the university's: Strong demand profile for the various academic divisions with extremely selective admissions and high matriculation rates; Solid financial performance and good revenue diversity with consistent generation of operating surpluses; and Stable financial resource levels with cash and investments of $536.4 million, representing 82% of fiscal 2010 operating expenses and 217% of then outstanding debt. Partly offsetting credit factors include expendable resources that are light for the rating though comparable to the previous year's results and increasing industry reimbursement risk and expenses relating
