Moody's downgrades Mountain State University's (WV) revenue bond rating to B1 from Baa3 and maintains rating on review for potential downgrade

Posted on: July 11, 2012, 11:41 am

NEW YORK, July 11, 2012 --Moody's Investors Service has downgraded to B1 from Baa3 its rating on the revenue bonds of Mountain State University and maintains the rating on review for possible downgrade in conjunction with the withdrawal of its accreditation effective August 27, 2012 from the Higher Learning Commission of the North Central Association. The rating action affects $5.6 million of rated debt issued through the City of Beckley, WV and the Raleigh County Building Commission, WV. Moody's review of the credit will focus on the university's appeal of the loss of its accreditation, fall 2012 enrollment, cash balances, and the potential for acceleration of bank debt...

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