Massachusetts' Amherst College on Rating High Going Into Next Week's $50M Deal

Piazza, Johanna
June 2003
Bond Buyer;6/20/2003, Vol. 344 Issue 31661, p3
Trade Publication
For Amherst, Massachusetts-based Amherst College, an affirmation in the week ending June 20, 2003 of its Aaa rating from Moody's Investors Service Inc. and an upgrade to AAA from Standard & Poor's Corp. came as a pleasant surprise amid other downgrades in Massachusetts' education sector. This spring, Williams College and Deerfield Academy in Massachusetts, both elite private institutions in the Bay State, lost their coveted Aaa rating from Moody's Investors Service after taking on new debt and increasing the leverage in their debt portfolios. The affirmation and upgrade come as the school is preparing to enter the market in last week of June with $50 million in Series 2003H variable-rate demand bonds backed by Amherst's ample self-liquidity. Following the upcoming sale, the college will be providing liquidity support for $92.2 million in variable-rate demand debt.


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