Here are excerpts from the latest Bond Rating for UC. (MOODY'S AFFIRMS UNIVERSITY OF CALIFORNIA'S Aa1 GENERAL REVENUE BOND RATING; OUTLOOK IS STABLE). Notice how they stress the amount of resources and unrestricted funds available to the university.
“The University does face some liquidity pressure due to State funding delays and the potential for more serious disruption to State cash flow. However, with over $6 billion in the short-term investment pool and $1.4 billion in the total return investment pool compared with $3.1 billion of state appropriations in FY2008, the University can likely weather any potential period of disruption in state funding.” (These funds are inrestricted)
*The University of California is one of the premier higher education systems in the world, serving over 200,000 students, conducting over $3 billion of research annually (excluding its role in managing several national laboratories), and generating in excess of $4 billion of net patient revenue at its five academic medical centers;
*Healthy and highly consistent operating performance, with operating cash flow of approximately $2 billion (adjusting for non-cash expenses) driven by a highly diversified revenue stream with no single revenue source exceeding 27% of total revenues; however, with the State's budget under considerable strain, operating appropriations may come under pressure in the next few years;
*Sizeable balance sheet that remains highly liquid, with $5.4 billion of unrestricted financial resources ($6.5 billion excluding post-retirement health liabilities) and active treasury management monitoring a short-term investment pool exceeding $6 billion;
Although the debt service on the University's State Public Works Board Bonds (SPWBB) has been and is expected to continue to be paid by appropriations from the State, due to the legal obligation of the bonds being supported by an "available funds" pledge of the University, we do not expect the rating on these bonds to fall to levels near the State's other public works board bonds (currently rated Baa2 on Watchlist for downgrade, see most recent report dated July 14, 2009).”
Bob Samuels, UC-AFT
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