...Standard & Poor's Ratings Services raised its long-term rating and underlying rating on the University of Kentucky's (UK) various existing general receipts bonds to '##' from '##-'. In addition, we assigned our '##' long-term rating to the following series of UK bonds: $148.93 million series 2015A general receipts bonds; $110.76 million series 2015B general receipts refunding bonds; and $22.03 million series 2015C general receipts refunding bonds. The outlook is stable on all rated issues. As of UK's fiscal year end, June 30, 2014, its outstanding long-term debt, inclusive of capitalized leases and notes, totaled $838.2 million, and we believe post issuance of the series 2015 issues its pro forma debt will total about $978.8. The upgrade to '##' reflects our view that UK enjoys an increasing enrollment, good revenue diversity aided in part by a healthcare system that accounts for roughly half the university's revenue, very strong financial performance, sound financial resources and a low...
