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MOODY'S CONFIRMS THE 'A1' RATING ON OHIO STATE UNIVERSITY'S GENERAL RECEIPT BONDS

 MOODY'S CONFIRMS THE 'A1' RATING ON
 OHIO STATE UNIVERSITY'S GENERAL RECEIPT BONDS
 NEW YORK, Sept. 2 /PRNewswire/ -- Effective today, Moody's confirmed the 'A1' rating on Ohio State University's general receipts bonds in conjunction with the institution's $163,135,000 bond sale expected through negotiation Sept. 15. This current offering will finance new construction projects as well as refund portions of previous debt issuances. The total amount of general receipts debt outstanding, after this issuance and including $62.8 million of variable rate debt is $234.2 million.
 In its report, Moody's noted that, "The debt of the university is secured by revenues of the state's flagship campus in Columbus as well as much smaller regional campuses and agricultural academic centers. The revenue pledge is broad and includes most unrestricted general fund monies with the primary exception being state appropriations. The Columbus campus is amongst the largest universities in the country and has been successful in cultivating increasing amounts of research grants and endowment. The state has, in the past, also been instrumental in these efforts by dedicating monies to attract professors and for building new academic and research facilities. Audited financial statements for the university indicates sound financial margins. These factors result in the above average rating for Ohio State's debt. However, due to the recent state budgetary pressures resulting from the recession, state appropriations have been reduced over the past two fiscal years resulting in both administrative as well as academic cuts. These appropriation reductions highlight certain vulnerabilities for state universities in general and might, in the short run, hinder Ohio State's efforts in attracting higher quality students and additional research grants."
 -0- 9/2/92
 /CONTACT: Howard Cure, vice president, 212-553-7742, or Paul Devine, vice president/manager of Great Lakes region, 212-553-5012, both of Moody's Public Finance Department/ CO: Ohio State University ST: Ohio IN: SU: RTG


AH-TM -- NY066 -- 6120 09/02/92 17:20 EDT
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Publication:PR Newswire
Date:Sep 2, 1992
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