...August 9, 2022 NEW YORK (S&P Global Ratings) Aug. 9, 2022--S&P Global Ratings assigned its '##+' long-term rating to the estimated $71.345 million tax-exempt series 2022B and $23.69 million taxable series 2022C general receipts bonds for University of Kentucky (UK). At the same time, S&P Global Ratings affirmed its '##+' long-term rating on various outstanding series of general receipts bonds issued for UK. S&P Global Ratings also affirmed its '##' long-term rating on UK's outstanding $25 million series 2019A certificates of participation (COP) and $6.8 million series 2019B COP. The COPs are secured by their subordinated general receipts pledge and utilize a capitalized lease structure. Total pro forma debt at fiscal year end June 30, 2021, is $1.2 billion including the series 2022B and 2022C issuance along with $116.3 million of capitalized leases (including the aforementioned COP's) and $25.0 million of notes payable. The outlook is stable on all rated issues. A pledge of the university's...
