S&P assigns AA- to Lafayette College bonds

Standard & Poor's said it assigned an AA- rating to Northampton County General Purpose Authority, Pa.'s $79 million series 2008 college refunding and revenue bonds issued for Lafayette College. The outlook is stable.

The college will use about $73 million of the proceeds to refund all or a portion of the series 2004 bonds (currently outstanding in the amount of $23.6 million), the series 2004 bonds second series ($29.5 million outstanding) and the series 2007 notes ($19.8 million). The remaining $6 million of expected bond proceeds will be used to fund capital projects and to acquire property in the city of Easton.

S&P also affirmed its AA-/A-1+ rating on prior Lafayette College bonds issued by various authorities.

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