Summary: Philadelphia Industrial Development Authority, Pennsylvania Holy Family University; Private Coll/Univ - General Obligation

S&P Global Ratings assigned its 'A-' rating to the Philadelphia Authority for Industrial Development, Pa.'s $2.9 million taxable series 2022 and $23.9 million tax-exempt series 2023 university revenue bonds, and to the Pennsylvania Higher Education Facilities Authority's $37.7 million series 2013A revenue bonds, all issued on behalf of Holy Family University (HFU). At the same time, S&P Global Ratings affirmed its 'A-' issuer credit rating (ICR) on HFU. An ICR reflects the obligor's general creditworthiness. The outlook is stable. As of June 30, 2021, HFU had approximately $30.0 million in debt. The university's debt included the outstanding series 2013 bonds, a mortgage of $3.0 million, and a nominal amount of capital and operating leases. The series 2022 and 2023 bonds

...S&P Global Ratings assigned its 'A-' rating to the Philadelphia Authority for Industrial Development, Pa.'s $2.9 million taxable series 2022 and $23.9 million tax-exempt series 2023 university revenue bonds, and to the Pennsylvania Higher Education Facilities Authority's $37.7 million series 2013A revenue bonds, all issued on behalf of Holy Family University (HFU). At the same time, S&P Global Ratings affirmed its 'A-' issuer credit rating (ICR) on HFU. An ICR reflects the obligor's general creditworthiness. The outlook is stable. As of June 30, 2021, HFU had approximately $30.0 million in debt. The university's debt included the outstanding series 2013 bonds, a mortgage of $3.0 million, and a nominal amount of capital and operating leases. The series 2022 and 2023 bonds will be used to refund the university's bonds and mortgage. The university's pro forma maximum annual debt service is 4.4% of fiscal 2021 adjusted operating expenses, which we consider average. HFU's debt will remain front-loaded,...

Summary