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Posted: Fri Sep 23, 2016 3:25 pm

Pards RuleView user's profile






Joined: 02 Apr 2007
Posts: 1897


Location: Cherry Hill, NJ





bethlehempard wrote:
Can you imagine a recruit asking "Coach, whats the most recent bond rating of Lafayette?"


Sign him up! Now![/quote]

Eco & Biz major!!

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Posted: Thu May 18, 2017 8:03 am

bethlehempardView user's profile






Joined: 28 Sep 2011
Posts: 2082







Moody's assigned Aa3 to Lafayette's $138 million unsecured GO refunding and revenue bonds due for sale by May 31, maturity in 2048.
Outlook stable.

"Growth in financial resources, healthy liquidity."

"Moderately high and growing financial leverage and a highly competitive student market."

Operating revenue in FY16 was $166 million. The report says more donations would increase financial flexibility.

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Posted: Tue May 23, 2017 2:18 pm

bethlehempardView user's profile






Joined: 28 Sep 2011
Posts: 2082







S&P cuts rating to A+ from AA- on 2013 A and B and 2009 bonds. Other corresponding changes were made. They cite the effects on the balance sheet of $70 million in bonds for the science center and refunding.
Total pro forma debt is $264 million.
"Aggressive debt structure with several bullet maturities and a high (MADS)" but also a large endowment and a plan to cover the bullet payments.
The Outlook is stable.

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Posted: Tue May 23, 2017 4:26 pm

LafalumView user's profile






Joined: 06 Mar 2007
Posts: 3889







bethlehempard wrote:
S&P cuts rating to A+ from AA- on 2013 A and B and 2009 bonds. Other corresponding changes were made. They cite the effects on the balance sheet of $70 million in bonds for the science center and refunding.
Total pro forma debt is $264 million.
"Aggressive debt structure with several bullet maturities and a high (MADS)" but also a large endowment and a plan to cover the bullet payments.
The Outlook is stable.


Our ability to raise additional debt without a cut in rating is 0 and none. We are now rated  below Lehigh.

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Posted: Tue Jun 06, 2017 1:10 pm

bethlehempardView user's profile






Joined: 28 Sep 2011
Posts: 2082







Sarah Lawrence got a BBB, stable.
High draws on endowment (6 percent), deficits, high dependence on tuition with increasing tuition discount rates (watch that last one!)

Versus

Low debt burden, endowment growth, enrollment up after consecutive declines

The Lafayette report noted earlier is hardly dire and perhaps wasn't unexpected but it's the kind of item that an informed board has to ask hard questions about.

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