The rating on Multnomah County, Ore.'s bonds, issued for University of Portland, reflects the university's GO pledge supported by: Growing headcount enrollment and improving demand; A long history of good operating performance; and Solid liquidity relative to operating expenses and pro forma debt. Other rating factors include limited admissions flexibility, rising tuition discounting and financial aid expenses, and a moderately high level of debt. Bond proceeds of $17.4 million will be used to construct new on-campus student housing, related facilities, and a parking garage. The housing project will accommodate up to 230 students and a street-level parking garage for 97 vehicles. Construction began in December 1999 and the facility will be completed by September 2000, in time for new students.
