Summary: Public Finance Authority, Wisconsin Nevada State College; Auxiliary - Stand Alone

S&P Global Ratings lowered its long-term bond rating to 'B-' from 'BB-' on Public Finance Authority (PFA), Wis.' series 2019 student-housing revenue bonds, the proceeds of which were used to finance the construction of student housing on the campus of Nevada State College (NSC), a member of the Nevada System of Higher Education (NSHE). At the same time, we removed the rating from CreditWatch with negative implications, where it had been placed on Sept. 16, 2020. The outlook is negative. The three-notch downgrade reflects our view of the uncertainty and financial risk the project faces due to significantly lower occupancy and corresponding lower rental revenue with its residence facility as a direct result of COVID-19. The project partially opened on

...S&P Global Ratings lowered its long-term bond rating to 'B-' from '##-' on Public Finance Authority (PFA), Wis.' series 2019 student-housing revenue bonds, the proceeds of which were used to finance the construction of student housing on the campus of Nevada State College (NSC), a member of the Nevada System of Higher Education (NSHE). At the same time, we removed the rating from CreditWatch with negative implications, where it had been placed on Sept. 16, 2020. The outlook is negative. The three-notch downgrade reflects our view of the uncertainty and financial risk the project faces due to significantly lower occupancy and corresponding lower rental revenue with its residence facility as a direct result of COVID-19. The project partially opened on Oct. 10, 2020 and has 11% occupancy, significantly lower than the 75% originally projected. In addition, a portion of the project (four out of the eight buildings) is still under construction and faces delays, with the full project now expected...

Summary