Fitch Affs Dartmouth Educational Loan Corp's, $37.170MM Revenue Bonds 'AAA'.Business Editors NEW YORK--(BUSINESS WIRE)--March 11, 2003 Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. affirms the 'AAA' rating on the $37,170,000 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). Health and Education Facilities Authority, Dartmouth Educational Loan Corp. (DELC DELC Danish Evangelical Lutheran Church ), series 1999 and 1985 revenue bonds. The Rating Outlook is Stable. The Dartmouth Educational Loan Corp. (DELC) is a non-profit, corporation controlled and administered by 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. . DELC is authorized under New Hampshire legislation to issue tax-exempt bonds. DELC was established to make low cost loans to students attending Dartmouth to help with the financing of their education. The members of the DELC are appointed by the president of Dartmouth and are all employees of Dartmouth. The DELC bonds are secured by the full faith and credit unsecured general obligation of DELC and Dartmouth. The long-term 'AAA' rating and stable outlook reflects Dartmouth's consistently strong student demand, excellent academic reputation, substantial liquidity, and large permanent endowment. As of Dec. 31, 2002, Dartmouth had $164 million of cash and short-term funds that could be liquidated immediately with little, if any, loss in market value. The college also had various fixed income securities with longer maturities. These securities include U.S. treasury U.S. Treasury Created in 1798, the United States Department of the Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes and bills. Some of the government branches operating under the U.S. Treasury umbrella include the IRS, U.S. and agency securities due within five years of $16.5 million and $45.2 million with maturities beyond five years. In addition, other fixed income securities, including corporate bonds, of $32.7 million, are available. However, these securities are subject to credit risk in addition to interest rate risk. Fitch's review of the total overall liquidity for the past year reflects a low balance of $258 million and a high balance of $311 million reflecting a significant level of balances with modest fluctuation. Dartmouth, one of the eight Ivy League Ivy League Group of eight universities in the northeastern U.S., high in academic and social prestige, that are members of an athletic conference for intercollegiate gridiron football dating to the 1870s. schools, is located in Hanover, NH. For fall 2002, the college had 5,644 full-time students and admitted less than 21% of its freshmen applicants. An outstanding 51.3% of accepted students enrolled. Dartmouth has an endowment of $2.2 billion, which is equivalent to $387,422 per FTE FTE Full-Time Equivalent FTE Full-Time Employee FTE Full-Time Equivalency FTE Full Time Employment FTE Foundation for Teaching Economics FTE Full Time Enrollment FTE For the Enterprise (SQL) FTE Fund for Theological Education . |
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