University Of Connecticut Bond Rating Lowered To 'A+' On Constrained Finances, Operational Performance; Outlook Stable

NEW YORK (S&P Global Ratings) April 5, 2019--S&P Global Ratings lowered its long-term ratings on all outstanding University of Connecticut (UConn) general obligation (GO) bonds and special obligation-student fee revenue (SO-SFR) bonds to 'A+' from 'AA-'. At the same time, S&P Global Ratings assigned its 'A+' long-term rating to UConn's estimated $174.5 million series 2019A GO bonds and $64.9 million series 2019A refunding GO bonds. Total debt affected by this rating action, inclusive of a minor loan and capitalized leases and the current debt issuance, is $2.15 billion. The outlook is stable for all issues. "The rating revision reflects our view that UConn's financial performance and available resources are constrained due to ongoing state budgetary pressure that limits improvement in

...NEW YORK (S&P Global Ratings) April 5, 2019--S&P Global Ratings lowered its long-term ratings on all outstanding University of Connecticut (UConn) general obligation (GO) bonds and special obligation-student fee revenue (SO-SFR) bonds to 'A+' from '##-'. At the same time, S&P Global Ratings assigned its 'A+' long-term rating to UConn's estimated $174.5 million series 2019A GO bonds and $64.9 million series 2019A refunding GO bonds. Total debt affected by this rating action, inclusive of a minor loan and capitalized leases and the current debt issuance, is $2.15 billion. The outlook is stable for all issues. "The rating revision reflects our view that UConn's financial performance and available resources are constrained due to ongoing state budgetary pressure that limits improvement in financial operations and inhibits additional issuance of non-state supported debt," said S&P Global Ratings credit analyst Ken Rodgers. The long-term ratings reflect our view that UConn's enterprise profile...

Ratings Action