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Moody's raises George Washington University, D.C., bonds to A1
Moody's Investors Service said it upgraded George Washington University's long-term rating to A1 from A2, affecting $556 million of outstanding bonds, most of which were issued by the District of Columbia. The outlook is stable.
Moody's also said it affirmed its VMIG 1 short-term rating on the university's debt.
The university's debt includes series 1999A, 2001, 2002A, 2002B and 2007 bonds with an underlying rating of A1; series 1999B and 1999C bonds with an A1 underlying rating and Aaa/VMIG 1 rating; and a $200 million flexible-term note program with an A1/VMIG 1 rating.
The series 1999A, 2001, 2002A, 2002B and 2007 bonds are insured by MBIA, which has a financial strength rating of Aaa and is on negative watch. The series 1999B and 1999C bonds' rating is based on insurance from MBIA and a standby bond purchase agreement.
The short-term rating on the flexible-term note program is based on liquidity support from Bank of America.
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