January 27, 2006

Under the Rating Agency's Microscope

By AUDREY WILLIAMS JUNE

As more colleges seek to issue bonds to finance projects, analysts examine the tried and true indicators of financial viability

The nation's colleges are increasingly turning to bonds to finance the apartment-style residence halls, gleaming fitness centers, and academic buildings that have cropped up on campuses.

But it is not always clear — especially to colleges that are issuing bonds for the first time — how analysts determine the credit quality of an

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