Standard&Poor's Ratings Services assigned its 'AA-' long-term rating to University of Kentucky's $100.8 million series 2009B general receipts bonds. Additionally, Standard&Poor's affirmed its 'AA-' underlying ratings (SPURs) on the university's outstanding debt. The outlook was revised to stable from positive, reflecting the concerns regarding an unanticipated increase in debt to complete the ongoing hospital expansion project and a decrease in operating performance related to measurable endowment losses at the university, and soft health care operating income in fiscal 2009. The 'AA-' long-term rating reflects the university's: Land-grant flagship status, coupled with its broad programmatic offerings and nationally recognized academic medical center; Historically solid levels of state operating support, and legislative support of the university's "Top 20
