Dartmouth College NH Bonds Rated 'AAA' By Fitch IBCA.NEW YORK--(BUSINESS WIRE)--Oct. 21, 1999-- The New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). Higher Educational and Health Facilities Authority's approximately $10,030,000 revenue bonds, Dartmouth College Dartmouth College, at Hanover, N.H.; coeducational; chartered 1769, opened 1770, the ninth colonial college (see Wheelock, Eleazar). Originally a men's college, Dartmouth began admitting women in 1972. Issue, series 1999 bonds (college bonds) and the approximately $9,500,000 Dartmouth Educational Loan Corp. (DELC DELC Danish Evangelical Lutheran Church ) Issue, series 1999 bonds (DELC bonds) are assigned a 'AAA' rating by Fitch IBCA IBCA International Braille Chess Association IBCA Institute of Burial and Cremation Administration IBCA Integrated Business Communications Alliance IBCA International Barbeque Cookers Association IBCA Department of Interior Board of Contract Appeals . In addition, Fitch IBCA affirms its `AAA' ratings on the outstanding authority bonds as listed below. The bonds are scheduled to be sold during the week of Oct. 25 through negotiation by Prager, McCarthy & Sealy. The college bonds are secured by the full faith and credit unsecured general obligation of Dartmouth, while the DELC bonds are secured by the full faith and credit unsecured general obligation of DELC and Dartmouth. College bond proceeds will be used to finance the acquisition, construction, equipping and maintenance of various academic, administrative, athletic and research facilities. DELC bond proceeds will be used to finance the cost of additional student loans under the DELC Program. DELC is a nonprofit A corporation or an association that conducts business for the benefit of the general public without shareholders and without a profit motive. Nonprofits are also called not-for-profit corporations. Nonprofit corporations are created according to state law. , non-stock corporation A non-stock corporation is a corporation that does not have owners represented by shares of stock. That type of corporation is called a stock corporation. Instead, a non-stock corporation typically has members, who are the functional equivalent of stockholders in a stock controlled and administered by Dartmouth. DELC is authorized under 1981 New Hampshire legislation to issue tax-exempt bonds Tax-exempt bond A bond usually issued by municipal, county, or state governments whose interest payments are not subject to federal and, in some cases, state and local income tax. tax-exempt bond See municipal bond. . DELC was established to make low cost loans to students to help in the financing of their education. The four members of DELC are appointed by the president of Dartmouth and are all employees of Dartmouth. Dartmouth's `AAA' rating reflects the college's excellent demand, high quality of faculty and students, strong financial and operational performance, and international prominence of its undergraduate, business, engineering, and medical programs. Applications for acceptance into the college's undergraduate program have increased nearly 30% since 1992, while the undergraduate acceptance rate has been below 23% over the past six years, and just under 22% for the 1999-2000 academic year. These selective admission standards, along with a recentered average Scholastic Aptitude Test ap·ti·tude test n. An occupation-oriented test for evaluating intelligence, achievement, and interest. (SAT) score among incoming freshmen that exceeds 1,400, places Dartmouth's demand characteristics among those of the most elite colleges. Total net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. have increased by more than $432 million over the past two years and unrestricted net assets have increased by $133 million, while long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. has increased by less than $54 million during the same period. This superior financial performance is driven by both strong investment performance and the oversight of a knowledgeable and prudent management team. Fitch IBCA believes the competitiveness of Dartmouth's programs is at a level that will allow consistent performance in its core operations under any foreseeable economic scenario. In addition to its core business of delivering education to students, Dartmouth has the benefit of earnings from an endowment exceeding $1.7 billion. This combination of factors allows Dartmouth the highest level of credit quality. Fitch IBCA affirms its 'AAA' ratings on the following bonds: -- $33,000,000 Hew Hampshire Educational & Health Facilities Authority revenue bonds, (Dartmouth College Issue), series 1998 -- $15,300,000 Hew Hampshire Educational & Health Facilities Authority revenue refunding bonds refunding bond A bond that is issued for the purpose of retiring an outstanding bond. Issuers refund bond issues to reduce financing costs, eliminate covenants, and alter maturities. See also crossover refunding bonds, prerefunding. , (Dartmouth Educational Loan Corp.), series 1998 A -- $52,000,000 Hew Hampshire Educational & Health Facilities Authority revenue bonds, (Dartmouth College Issue), series 1997 A -- $36,740,000 Hew Hampshire Educational & Health Facilities Authority forward refunding bonds, (Dartmouth College Issue), series 1997 -- $7,100,000 Hew Hampshire Educational & Health Facilities Authority revenue bonds, (Dartmouth College Issue), series 1996 -- $120,155,000 Hew Hampshire Educational & Health Facilities Authority revenue bonds, (Dartmouth College Issue), series 1993; and -- $12,445,000 Hew Hampshire Educational & Health Facilities Authority revenue refunding bonds, (Dartmouth Educational Loan Corp.), One and Two, series 1985. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion