The rating on University of Kentucky's bonds reflects: * The university's position as one of two flagship institutions in the higher education funding hierarchy, * Solid financial operations, * Good levels of unrestricted monies, and * A manageable debt burden. The bonds are secured by a first lien pledge of tuition and fees assessed to students attending the university's main campus and Lexington Community College. The university's management extends to its main Lexington campus and adjacent Lexington Community College. On Jan. 14, 1998, oversight of the Kentucky Community and Technical College System (with the exception of Lexington Community College, which was historically managed by the university) became the responsibility of a separate board. Therefore, effective fiscal 1997-1998, the community college
