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MOODY'S CONFIRMS 'Aaa' RATING ON STANFORD'S GENERAL OBLIGATION DEBT; INSTITUTION IS ONE OF ONLY 10 UNIVERSITIES IN THE COUNTRY RATED 'Aaa'

MOODY'S CONFIRMS 'Aaa' RATING ON STANFORD'S GENERAL OBLIGATION DEBT; INSTITUTION IS ONE OF ONLY 10 UNIVERSITIES IN THE COUNTRY RATED 'Aaa'
    NEW YORK, Dec. 12 /PRNewswire/ -- Effective today, Moody's has placed a "Aaa" rating on the California Educational Facilities Authority (CEFA) Bonds (Stanford University) series J debt $144.805 million and confirmed the "Aaa" rating on series A, B, C, H and I.  The debt is issued through CEFA on behalf of the university with all the series of debt being separately secured but fundamentally general obligation debt of the university.  This series of debt will advance refund series F & G as well as 1985 Pooled Facility Bonds in order to achieve present value debt service savings of approximately $10 million.  The retirement schedule of the new issuance is the same as the refunded debt.
    In its analysis, Moody's noted, "the university remains one of the country's most prestigious academic and research institutions which provides a number of credit strengths including a significant amount of federal grants, strong competition for admission and extensive fund raising ability.  This results in substantial financial resources, including a growing and well managed endowment.  These resources provide needed flexibility for the university as it deals with capital costs associated with the recent earthquake as well as a dispute with the federal government over research grant reimbursements."
    Total amount of CEFA debt outstanding for Stanford series A, B, C, F, G, H, I and J (after refunding takes place) $354,780,000.
    Additionally the "Aaa" rating was confirmed on $30 million of Stanford University notes due in 1998 which was issued as taxable debt used to finance the university's ongoing facility and staff housing assistance program.  While the debt is secured by the full faith and credit of the university, officials expect the housing program to be almost fully self-supporting.
    -0-        12/12/91
    /CONTACT:  Howard Cure, 212-553-7742, or Mark Campa, 415-274-1711, both of Moody's/ CO:  Stanford University ST:  California IN: SU:  RTG FC-KW -- NY091 -- 2159 12/12/91 17:18 EST
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Publication:PR Newswire
Date:Dec 12, 1991
Words:336
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