Higher education bonds

New York State Comptroller Thomas DiNapoli's office has begun an independent financial review of the financially troubled State University of New York Downstate Medical Center and its affiliates.

Moody's Investors Service has revised the outlook on Kean University's outstanding debt to negative and affirmed the A2 rating on Kean's revenue bonds.

The University of California will sell $900 million of revenue bonds next week for refinancing and to fund various projects across six campuses, including the renovation of the storied Pauley Pavilion basketball arena at UCLA.

Louisiana could avoid repeated revenue shortfalls and be able to adequately fund higher education if state spending were more rational, Treasurer John Kennedy said.

Moody's Investors Service Friday placed its A3 rating on bonds issued for Geogia's Fort Valley State University on review for possible downgrade.

Top-rated Washington University in St. Louis will sell about $200 million of taxable new-money and refunding bonds on Wednesday,

Fitch Ratings raised the Rush University Medical Center Obligated Group one notch to A in recognition of its consistently strong profitability and the completion of its new patient tower, eliminating construction risks on the credit.

Louisiana State Bond Commission will consider a request Thursday from the Tiger Athletic Foundation for $75 million of revenue bonds to finance an expansion project at Louisiana State University's football stadium in Baton Rouge.

Baylor College of Medicine, the largest private medical school in the Southwest, plans to issue $320 million of bonds next month to refinance fixed and variable rate debt and stabilize its financial structure, officials said.

West Virginia's Mountain State University lost its investment-grade bond rating after announcing that it may lose its accreditation.

The Dormitory Authority of the State of New York is expected to sell $1 billion of personal income tax bonds in a competitive offering on Tuesday.

Fitch Ratings downgraded San Francisco Community College District three notches due to concerns about its accreditation.

The IRS is auditing $245.7 million of hospital revenue bonds issued by The Board of Trustees of the University of Alabama in Birmingham in September 2006.

Tennessee State School Bond Authority will take $427.7 million of higher education facilities revenue bonds to market Wednesday and Thursday to catch a favorable market.

Penn State University will endure the "trauma and potential credit stress" from the child sex-abuse conviction of former assistant football coach Jerry Sandusky and expected claims, Janney Capital Markets said.

Budget director Benjamin Barnes, backing a new law that Treasurer Denis Nappier opposes, said enabling a state agency to sell University of Connecticut bonds opens up possibilities for the flagship[ university.

The University of Arkansas System last week asked for proposals for a design team and construction manager for three athletic facilities that will be financed in part with bond proceeds.

Michigan Gov. Rick Snyder Monday signed a capital budget bill that authorizes $304 million of debt for projects at higher education institutions.

The IRS has preliminarily determined that $147.18 million of revenue refunding bonds issued by the City of Houston Higher Education Finance Corporation in 2006 are not tax-exempt.

Texas A&M University System Board of Regents will complete a $196 million issue of Permanent University Fund bonds Tuesday with a $71 million refunding expected to provide net present value savings of 13.4%, or $10.7 million.