Printer Friendly

UNIVERSITY OF MARYLAND SYSTEM $62.4 MILLION REVENUE BONDS 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Sept. 13 /PRNewswire/ -- The University of Maryland System's $62.4 million auxiliary facility and tuition revenue bonds 1993 refunding series C are rated `AA' by Fitch. The credit trend is stable. The system's approximately $407 million outstanding `AA' revenue bonds are affirmed. The new bonds are scheduled to be sold on a competitive basis on Sept. 15.
 Proceeds will advance refund certain portions of the system's series 1989, 1991, and 1992 bonds. Depending on market conditions, the offering may be increased by $40 million to advance refund other system indebtedness. Such an increase will not impact the rating.
 The system's `AA' rating, which was upgraded from `AA-' on June 21, 1993, is supported by an ability to weather a significant reduction in state aid over the past few years via a mixture of tuition increases, hiring restrictions, furloughs, some layoffs, and salary freezes. In addition, to become a more efficient organization, the system, recently announced the discontinuance or reconfiguration of 62 academic programs.
 As a result of conservative fiscal management policies supported by strong state oversight of its budget and capital plan, the system enjoys strong financial operating results, a moderate debt burden, competitive tuition levels, and a stable enrollment trend. Furthermore, Fitch believes that the state's financial pressures have now eased, which should provide better stability to system operations.
 -0- 9/13/93
 /CONTACT: Jerry Solomon of Fitch, 212-908-0557/


CO: University of Maryland System ST: Maryland IN: SU: RTG

CK -- NY102 -- 1515 09/13/93 17:51 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 13, 1993
Words:251
Previous Article:COOLEX ANNOUNCES ACQUISITION PROPOSAL
Next Article:ODJFELL SHIPPING A.S. COOPERATES WITH U.S. ATTORNEY'S OFFICE
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters