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Moody's Assigns Aa2 Rating to MSCBA 2012 Bonds
December 06, 2011

NEW YORK (Moody's Investors Services) November 28, 2011

Moody's Investors Service has assigned Aa2 ratings to the Massachusetts State College Building Authority's $154 million of Series 2012A Project Revenue Bonds and up to $75 million of Series 2012B Refunding Revenue Bonds. The refunding amount will vary depending on projected savings at the time of the bond issuance. Concurrently, Moody's has affirmed the Authority's outstanding ratings, which are detailed at the end of the report. The outlook is stable.

SUMMARY RATING RATIONALE: The Aa2 rating reflects MSCBA's role as a component unit of the Commonwealth of Massachusetts to design and construct auxiliary facility projects across the Massachusetts State University System. The rating reflects strong oversight of these auxiliary projects, healthy operating performance of the projects and multi-year enrollment growth across the campuses, presence of a state appropriation intercept, and a fully funded debt service reserve fund and other available reserves.



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