Standard&Poor's Ratings Services assigned its 'AA-' long-term rating to University of Kentucky's series 2006A general receipts revenue bonds. Additionally, Standard&Poor's affirmed its 'AA-' underlying rating (SPUR) on the university's debt. The 'AA-' long-term rating reflects the university's: Land-grant flagship status, coupled with its nationally recognized academic medical center; Solid level of state support, with its first position in Kentucky's (AA-) funding hierarchy, and legislative support of the university's Top 20 Business Plan; Healthy financial operations as evidenced by its operating surpluses for the past three fiscal years, averaging $53.3 million, with an operating surplus of $74.8 million in fiscal 2005; Good liquidity levels and a manageable debt burden; Diverse revenue stream; and History of stable demand.
