December 12, 2012 / 4:00 PM / in 5 years

S&P cuts rating for Louisiana's Tulane University to A

Dec 12 (Reuters) - Standard & Poor’s Ratings Services late on Tuesday said it cut the underlying rating for Louisiana’s Tulane University to A with a stable outlook from A-plus.

The rating agency also assigned its A rating to the university’s series 2013A tax-exempt bonds selling through the Louisiana Public Facilities Authority.

S&P said the downgrade reflects that the university has not been able to return to positive operations since 2005, when Hurricane Katrina hit, and that the selling of additional debt has put a strain on the university’s resource ratios.

S&P said post-issuance total university debt will be about $642.5 million.

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