S&P gives AA, SP1+ ratings to Emory University, Ga., bonds

Standard & Poor's said it assigned an SP-1+ rating to Georgia Private College and University Authority's $95 million series 2008A bonds issued for Emory University. S&P gave the $100 million series 2008B and $120 million series 2008C an AA long-term rating.

The outlook is stable.

The $95 million series 2008A bonds are rated SP-1+ because the university expects to issue the series with a one-year mandatory tender, S&P said. The $100 million series 2008B bonds are expected to be issued with a three-year term, and the $120 million series 2008C bonds are expected to be issued as long-term fixed-rate debt.

All the bonds are dated July 1 and are due Sept. 1, 2043.

Proceeds will be used to finance capital projects, including renovations to the Atwood Chemistry building, a new freshman residence hall and a new psychology building. Emory University will use a portion of the series 2008C bond proceeds to refinance its series 1997A bonds.

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