NEW YORK - Moody's Investors Service said it has downgraded the long-term rating on Southwestern University's revenue bonds, series 2004A and series 2004B to A1 from Aa3 and revised the outlook to stable from negative.
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The bonds were issued through the Crawford Education Facilities Authority.
The primary drivers of the downgrade are the university's slow growth of financial resources, only moderately balanced operating performance and elevated endowment spend rate. The short-term rating on the series 2004B bonds is supported by the college's self-liquidity.
