University of Connecticut's Series 2017A GO Bonds Rated 'AA-' With A Negative Outlook

NEW YORK (S&P Global Ratings) Dec. 21, 2016--S&P Global Ratings has assigned its 'AA-' long-term rating, and negative outlook, to the University of Connecticut's $300 million general obligation (GO) bonds, 2017 series A, and approximately $35 million 2017 refunding series A GO bonds. At the same time, S&P Global Ratings has affirmed its 'AA-' rating, with a negative outlook, on the university's $1.3 billion parity debt outstanding. "We base the rating on the security provided by the state debt service commitment, which is defined by Public Act 95-230, and the master indenture," said S&P Global Ratings credit analyst David Hitchcock. The State of Connecticut (GO rating: AA-/Negative) is obligated to pay an annual amount sufficient to cover debt service on

...(Editor's Note: In this media release, published Dec. 21, 2016, the outlook was misstated in the vendor headline. A corrected version follows. ) NEW YORK (S&P Global Ratings) Dec. 21, 2016--S&P Global Ratings has assigned its '##-' long-term rating, and negative outlook, to the University of Connecticut's $300 million general obligation (GO) bonds, 2017 series A, and approximately $35 million 2017 refunding series A GO bonds. At the same time, S&P Global Ratings has affirmed its '##-' rating, with a negative outlook, on the university's $1.3 billion parity debt outstanding. "We base the rating on the security provided by the state debt service commitment, which is defined by Public Act 95-230, and the master indenture," said S&P Global Ratings credit analyst David Hitchcock. The State of Connecticut (GO rating: ##-/Negative) is obligated to pay an annual amount sufficient to cover debt service on any state debt service commitment-authorized GO debt of the university. Connecticut has a long...

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