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Fitch Ratings
Fitch Affirms Albany College of Pharmacy New York at 'BBB-'; Outlook Stable
October 25th, 2008
Fitch Ratings affirms the 'BBB-' rating on Albany College of Pharmacy's (the college) $13,710,000 of outstanding City of Albany Industrial Development Agency civic facility revenue bonds, series 2004A. The bonds are a general obligation of the college secured by a pledge of gross revenues and a mortgage lien and security interest in the student center and classroom building. The Rating Outlook is Stable. The 'BBB-' rating reflects the college's satisfactory liquidity; positive operating margins over the past three fiscal years; and solid demand trends. While the college has demonstrated improved liquidity and strengthened financial operations, its small size limits...
Source: Law & Health Weekly (2008-10-25)
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