April 13, 2007
AA- rating for Holy Cross
By Matthew L. Brown
New-York-based Fitch Ratings has assigned a "AA-" rating to a series of revenue bonds of the Worcester-based College of the Holy Cross.
The bonds are Massachusetts Development Finance Agency revenue bonds issued for 2007 on behalf of the college.
They include a $45 million bond and a $28.1 million bond, both of which are general obligation bonds to be used to fund capital projects in the school's 2007-11 master plan, including the construction of a science facility.
The 2007 bonds are also expected to "refund substantially all" of the college's $28.8 million in outstanding 1998 bonds.
Fitch said the AA- rating "reflects Holy Cross's generally stable enrollment trends, strong demand indicators, significant balance sheet liquidity, and consistent operating performance."
The bonds are Massachusetts Development Finance Agency revenue bonds issued for 2007 on behalf of the college.
They include a $45 million bond and a $28.1 million bond, both of which are general obligation bonds to be used to fund capital projects in the school's 2007-11 master plan, including the construction of a science facility.
The 2007 bonds are also expected to "refund substantially all" of the college's $28.8 million in outstanding 1998 bonds.
Fitch said the AA- rating "reflects Holy Cross's generally stable enrollment trends, strong demand indicators, significant balance sheet liquidity, and consistent operating performance."
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