Fitch Ratings Upgrades Eckerd College --FL-- to 'BB'.Business Editors NEW YORK--(BUSINESS WIRE)--Jan. 2, 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. has upgraded to 'BB' from 'BB-' the $5,825,000 Pinellas County Educational Facilities Authority bonds, series 1997B issued on behalf of Senior Living Centers. Fitch also has upgraded to 'BB' from 'BB-' the Pinellas County Educational Facilities Authority bonds, issued on behalf of Eckerd College Eckerd College is a private 4-year coeducational liberal arts college at the southernmost tip of St. Petersburg, Florida, in the Tampa Bay metropolitan area. The college is accredited by the Southern Association of Colleges and Schools. (college), in the outstanding amounts of $3,955,000 of series 1993, $2,310,000 of series 1991 and $1,945,000 of series 1989. The Rating Outlook is Stable. On Sept. 8, 2000, Fitch downgraded to 'BB-' from 'BBB-' approximately $14,930,000 Pinellas County Educational Facilities Authority bonds, series 1997B, 1993, 1991 and 1989 related to Eckerd College and Senior Living Centers. The downgrade was the result of inadequate reporting of college financial activities to the board of trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. , declining operating performance, an erosion of liquidity, and the college's exposure to the financially weak continuing care continuing care a professional convention that a veterinarian who is treating an animal is obliged to continue treating that case unless an arrangement is made with its custodian to transfer the care to another practitioner or to a specialist. retirement center (CCRC Noun 1. CCRC - an agency in the Department of Defense that is a national center for research on all aspects of injury control and casualty care Casualty Care Research Center ) industry. Since September 2000, Eckerd College has hired a new president, implemented an automated accounting report system, reduced the number of members on the board of trustees and established committees of the board with specific focus on areas such as audit and finance. In addition, two non-academic related projects of Eckerd College, College Landings, a residential living community, and College Harbor, a CCRC, now reflect improved financial performance. Fitch recently met with the President and other senior officers on the campus to discuss changes that have occurred since the downgrade in 2000. The cooperation between the board and the management team is favorable which is critical as the college develops a campus master plan, strategic plan and capital campaign. The physical master plan has been completed and was approved by the college's board of trustees in October 2002. A strategic plan is being developed and will be followed by the development of a capital campaign. One of the strengths of Eckerd College is its growth in enrollment. Enrollment has increased by 9.7% since fall 1996. For the same period, Eckerd experienced a 23% increase in student applications from 1,580 in fall 1996 to 1,943 in fall 2002. The college primarily attributes the increase to expanded marketing efforts and the creation of the college's web page. Fitch considers student demand to be one of the primary determinants of a school's long-term financial viability. Tuition, fees and revenues generated by auxiliary functions that serve students represented approximately 65% of fiscal 2002 unrestricted revenues. Eckerd College is a private, coeducational co·ed·u·ca·tion n. The system of education in which both men and women attend the same institution or classes. co·ed , liberal arts college Liberal arts colleges are primarily colleges with an emphasis upon undergraduate study in the liberal arts. The Encyclopædia Britannica Concise offers the following definition of the liberal arts as a, "college or university curriculum aimed at imparting general knowledge in St. Petersburg, Florida St. Petersburg (often shortened to St. Pete) is a city in Pinellas County, Florida, United States. The city is known as a vacation destination for North American and European vacationers, as well as a politically important battleground in U.S. Presidential politics. . The college was founded in 1958 as Florida Presbyterian College Presbyterian College is a private liberal arts college in Clinton, South Carolina, USA. Presbyterian College, or PC, is affiliated with the Presbyterian Church USA. PC was founded in 1880 by William Plumer Jacobs, a prominent Presbyterian minister who also founded the nearby and changed its name to Eckerd College in 1972. Today, the college has an enrollment of over 1,600 full time residential students with roughly 25% of its student body coming from Florida. In addition, there are over 1,000 students in the college's adult education program, which is known as the PEL program (Program for Experienced Learners). |
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