The rating on Philadelphia Authority for Industrial Development, Pa.'s bonds reflects the essentiality of the National Board of Medical Examiners' (NBME) services, significant financial flexibility, and negligible future bonding plans. NBME is the preeminent provider of qualifying examinations used by state medical boards to determine medical practice eligibility. NBME's GO pledge secures the bonds. Founded in 1915, NBME has become a critical component in the licensure of U.S. physicians with its primary business being the development of medical licensure tests. A 1991 agreement between NBME and the Federation of State Medical Boards established a single path to licensure for all applicants through the creation of a test called the United States Medical Licensing Examination (USMLE). USMLE's development effectively eliminated dual
