St. John's University, NY Bond Rating Outlook Revised To Stable From Positive On Limited Available Resources

NEW YORK (S&P Global Ratings) April 15, 2019--S&P Global Ratings revised its outlook to stable from positive and affirmed its 'A-' long-term and underlying rating (SPUR) on New York State Dormitory Authority's (DASNY's) revenue bonds, issued for St. John's University. S&P Global Ratings also affirmed its 'AA/A-1' rating on the university's series 2008B-1 variable rate bonds. We base the long-term component of the series 2008B-1 bond rating on joint support assuming low correlation with Bank of America N.A., and base the short-term component of the rating solely on the letter of credit (LOC) provided by the bank. The LOC expires on Oct. 30, 2021.
"The revision to stable reflects the university's available resource ratios, which while improved, remain weaker than the 'A' rating category medians and 'A' rated peers coupled with slightly weaker albeit positive full accrual operations that we expect to continue," said S&P Global Ratings credit analyst Stephanie Wang.
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