Fitch Rates Albuquerque Academy, New Mexico, Bonds 'AA'.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- The outstanding City of Albuquerque, New Mexico “Albuquerque” redirects here. For other uses, see Albuquerque (disambiguation). Albuquerque (pronounced [ˈæl.bə.kɚ.kiː], Spanish: [al.βu. , Educational Facilities Authority refunding revenue bonds (Albuquerque Academy Albuquerque Academy is a private co-educational school for grades six through twelve located in Albuquerque, New Mexico, USA. It is accredited by the Independent Schools Association of the Southwest[1] and the New Mexico State Department of Education. Project) series 2002 in the amount of $25.4 million and the series 1999 bonds in the amount of $7.2 million are rated 'AA' by Fitch fitch: see polecat. . No additional bonds are being sold at this time. The Rating Outlook is Stable. The bonds were issued by the City of Albuquerque and the bond proceeds were loaned to the Albuquerque Academy (the academy). The loan payments are unsecured general obligations of the academy. The 'AA' rating is based on the academy's credit strengths including substantial liquidity, a 10-year maturity of the debt, and strong student demand. Liquidity, or available funds, as measured by cash and investments that are not restricted, totaled $118.3 million for fiscal 2005, which would cover 2.6 years of fiscal 2005 expenses and 3.3 times (x) the amount of debt outstanding. All debt is expected to be retired by 2016 and the academy does not plan to issue any additional debt in the near term. Enrollment at the academy consists of 1,068 students in grades 6-12. For fall 2005, the academy received 690 applications and accepted 30.4%. The acceptance rate has been relatively stable for the last 10 years. The primary credit concerns are the high debt burden and the academy's heavy reliance on the endowment A transfer, generally as a gift, of money or property to an institution for a particular purpose. The bestowal of money as a permanent fund, the income of which is to be used for the benefit of a charity, college, or other institution. to support operations. Maximum annual debt service (MADS), assuming level debt service for the series 2002 bonds due in total in 2016 and the amortizing series 1999 bonds, is $4.1 million. MADS would represent a use of 9.3% of fiscal 2005 revenues. Fitch considers the system's debt burden high but manageable given the academy's significant level of liquidity. Fiscal 2005 revenues were $44.3 million. Approximately 47% of the revenues were derived from the development and sale of real estate of the endowment. Shortly after the founding of the academy, a donor created a trust for the school. The trust included real estate. Over time, the academy has formed separate for-profit entities to acquire, develop and sell real estate. The sales have allowed the academy to generate a significant level of cash and investments which are used to offset operating costs operating costs npl → gastos mpl operacionales and the moderate level of tuition. A significant amount of real estate remains to be sold and developed. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, 'www.fitchratings.com'. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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