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Rating Action:

Moody's revises Centre College's (KY) outlook to negative; affirms A3 rating

12 Sep 2013

$42.9M rated debt outstanding

New York, September 12, 2013 -- Moody's Investors Service has affirmed Centre College's (Centre or the college) A3 rating on the Series 2007A bonds issued through Boyle County, Kentucky. The outlook has been revised to negative from developing predicated on the September 9, 2013 public announcement of the withdrawal of a $250 million gift by the A. Eugene Brockman Charitable Trust. The gift was intended to be the keystone of an upcoming capital campaign and was to be dedicated to establishing a unique scholarship program. The rationale for the gift withdrawal was attributed to an inability of the college and the trust to agree on terms, conditions, and required approvals within a specific period of time.

The A3 rating and negative outlook reflect the college's market position as a leading private educational institution in Kentucky, which has translated into strong philanthropic support and the ability to grow enrollment in recent years, offset by its small size, weak operating performance and moderately high degree of debt relative to both its balance sheet and operations.

Moody's also rates the college's Series 2008A bonds A2/VMIG 1 rating based on support by a direct pay letter of credit from PNC Bank, National Association (PNC Bank, rated A2/P-1).

For more information on the college's credit, please refer to our reports published August 15, 2013 and March 4, 2013.

RATED DEBT

Series 2007A: rated A3

Series 2008A: A2/VMIG 1 (based on a letter of credit provided by PNC Bank, N.A., expiration date 4/22/2014)

RATING METHODOLOGY

The principal methodology used in this rating was U.S. Not-for-Profit Private and Public Higher Education published in August 2011. 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 certain 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 certain 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 certain 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.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

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.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Mary Cooney
Asst Vice President - Analyst
Public Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Dennis M. Gephardt
Vice President - Senior Analyst
Public Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's revises Centre College's (KY) outlook to negative; affirms A3 rating
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