Standard & Poor's said it raised its long-term rating to AA-minus from A-plus on the Philadelphia Authority for Industrial Development, Pa.'s $4.993 million series 2009 fixed rate bonds issued for the Educational Commission for Foreign Medical Graduates.
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The outlook is stable.
"The upgrade reflects ECFMG's excellent balance sheet characterized by high levels of unrestricted cash and investments and a very small amount of debt outstanding with a relatively short 2021 maturity," said Standard & Poor's credit analyst Cynthia Keller. ECFMG's unique business position as the sole provider or partner provider of the series of tests required by graduates of foreign medical schools to obtain a residency position in the U.S. is a strength.
