S&P assigns Case Western, Ohio, bonds AA-

Standard & Poor's said it assigned its AA- long-term rating to the Ohio Higher Education Facilities Commission's series 2008A, B and C facility revenue refunding bonds issued for Case Western Reserve University and affirmed its AA- underlying rating on outstanding university debt.

The agency said that it expects to issue long- and short-term ratings on the series 2008A, 2008B-1 and 2008B-2 variable-rate demand bonds based on direct-pay letters of credit provided by two banks.

The bonds include $67.5 million of the series 2008B bonds due Dec. 1, 2033, $60 million of the series 2008A bonds due Dec. 1, 2033 and $50.285 million of the series 2008C bonds due Dec. 1, 2033.

The long-term rating outlook remains negative to reflect improved but still greater-than-anticipated operating deficits on a full accrual basis in fiscal 2007, S&P noted.

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