WORCESTER, Mass. – In connection with the $64.575 million Massachusetts Development Finance Agency Floating Rate Revenue Bonds, the College of the Holy Cross-2006 Issue issued today, the College’s ratings were affirmed at "Aa3," "AA-," and "AA-" by Moody’s Investor Services, Standard & Poor’s Ratings Services, and Fitch Ratings, respectively.
Bond proceeds will be used to refund the College’s 1996 bonds. Banc of America Securities LLC served as underwriter for the issue and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. served as bond counsel.
The agencies also gave a "stable" rating outlook for the bond issue, based on a variety of factors including Holy Cross’ stable enrollment, substantial liquidity, consistent operating performance and experienced, professional management team.
At the end of fiscal 2005, Holy Cross’ endowment stood at $465 million and its outstanding debt was $126 million.
Rating definitions and the terms of use of such ratings are available on the agencies’ public sites, www.moodys.com, www.standardandpoors.com, and www.fitchratings.com. Published ratings, criteria and methodologies are available from these sites, at all times.
Holy Cross Bond Ratings Affirmed
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