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Rating Update:

MOODY'S HAS AFFIRMED THE A3 RATING TO THE VIRGINIA COMMONWEALTH UNIVERSITY REAL ESTATE FOUNDATION'S SERIES 2000 STUDENT HOUSING REVENUE BONDS; OUTLOOK IS STABLE

13 Sep 2011

APPROXIMATELY $13.6 MILLION OF OUTSTANDING DEBT AFFECTED

Richmond Industrial Development Authority, VA
Housing
VA

Opinion

NEW YORK, Sep 13, 2011 -- Moody's Investors Service has affirmed the A3 rating with a stable outlook on the Virginia Commonwealth University Real Estate Foundation's $13.6 million Series 2000 Student Housing Revenue Bonds, issued through the City of Richmond Industrial Development Authority. The bonds provided financing for a new 396-bed student residence project (Edmund F. Ackell Residence Center) on the Virginia Commonwealth University's (the University's) Monroe Park Campus in Richmond, Virginia. The rating has been affirmed based upon the project's strong occupancy and financial performance.

LEGAL SECURITY: The bonds are limited obligations of the issuer, and are payable solely from and secured by a pledge of the revenues generated from the project.

CREDIT STRENGTHS:

* Close affiliation with University: integration of the project within University's housing system and University's covenants in the Support Agreement. If the debt service coverage ratio falls below 1.20x, the University will give the project first-fill priority until occupancy reaches 95%.

* Strong market position because of on-campus location and high demand for the project: physical occupancy was 99% for Fall 2010 and is expected to be 99% for Fall 2011. .

* Strong financial performance: audited financial statements show debt service coverage of approximately 1.61x for the year ending June 30, 2010 and debt service coverage of 1.46x for the year ending June 30, 2009.

CREDIT CHALLENGES:

* The University projects that it will add approximately 800 more beds between 2012 and 2015. These new beds may have long-term impact on demand but concerns about the impact to revenue and debt service coverage are mitigated by the covenants in the Support Agreement

* Absence of any long-term legal or financial commitment to bondholders from the University, its affiliated Real Estate Foundation, or the Commonwealth of Virginia

Outlook

Moody's stable outlook on the bonds reflects our expectation that this project will continue to generate adequate debt service coverage over the medium term.

What could change the rating - UP

- Closer legal ties to the university

What could change the rating - DOWN

- Deterioration of strong occupancy levels and debt service coverage

The principal methodology used in this rating was Global Housing Projects published in July 2010. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Information sources used to prepare the rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's Investors Service information, and confidential and proprietary Moody's Analytics information.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Analysts

Thomas Song
Analyst
Public Finance Group
Moody's Investors Service

Ferdinand S. Perrault
Backup Analyst
Public Finance Group
Moody's Investors Service

Contacts

Journalists: (212) 553-0376
Research Clients: (212) 553-1653


Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
USA

MOODY'S HAS AFFIRMED THE A3 RATING TO THE VIRGINIA COMMONWEALTH UNIVERSITY REAL ESTATE FOUNDATION'S SERIES 2000 STUDENT HOUSING REVENUE BONDS; OUTLOOK IS STABLE
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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