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MOODY'S UPGRADES WAYNE STATE UNIVERSITY, MICHIGAN GENERAL REVENUE BONDS FROM 'A' TO 'A1'; CITES FAVORABLE DEMAND TRENDS

 NEW YORK, March 31 /PRNewswire/ -- Effective today, Moody's Investors Service upgraded the rating of Wayne State University, Michigan from `A' to `A1'. This was done in conjunction with the April 6, $77,360,000 sale of General Revenue Bonds, Series 1993.
 The university's significance as the major higher education and research institution in the Detroit area, and its trend of satisfactory financial performance, are key factors in the rating. The university has successfully pursued a dual mission of developing a large research program and meeting the higher education needs of the Detroit community. Its growing enrollment and favorable admissions ratios reflect its lack of strong local competitors, and its success in attracting non- traditional college students. Financial operations have generally been well maintained, although endowment resources are limited.
 The bonds are secured by a broad pledge of the university's general revenues, and proceeds of this issue will refund all outstanding bonds with a variety of narrower security pledges.
 -0- 3/31/93
 /CONTACT: Naomi Richman, vice president/assistant director, 212-553-0014, or Howard J. Cure, vice president/manager, 212-553-7742, both of Moody's/


CO: Wayne State University ST: Michigan IN: SU: RTG

WB-OS -- NY048 -- 1524 03/31/93 12:54 EST
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Publication:PR Newswire
Date:Mar 31, 1993
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