S&P gives underlying A to St. Lawrence University bonds

Standard & Poor's said it revised its outlook to positive from stable on Dormitory Authority of the State of New York's underlying rating issued for St. Lawrence University, based on the university's strengthened demand and improved financial operations and resources. The A underlying ratings were affirmed.

At the same time, S&P assigned its A underlying rating to the authority's series 2008 revenue bonds issued for the university. The series 2008 bonds are variable-rate demand obligations.

S&P said it expects to issue a short-term liquidity rating that will be based on the application of joint criteria with a direct-pay letter of credit provided by RBS Citizens NA.

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