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GT athletic dept has amassed $229 million in debt
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<blockquote data-quote="jwsavhGT" data-source="post: 201626" data-attributes="member: 652"><p><span style="font-size: 15px">Fitch Affirms Georgia Tech Athletic Association's Rev Bonds at 'A+'; Outlook Stable</span></p><p><span style="font-size: 15px"></span></p><p><span style="font-size: 15px"><a href="http://www.businesswire.com/news/home/20160107006063/en/Fitch-Affirms-Georgia-Tech-Athletic-Associations-Rev" target="_blank">http://www.businesswire.com/news/home/20160107006063/en/Fitch-Affirms-Georgia-Tech-Athletic-Associations-Rev</a></span></p><p><span style="font-size: 15px"></span></p><p><span style="font-size: 15px"><em>KEY RATING DRIVERS </em></span></p><p><span style="font-size: 15px"><em></em></span></p><p> <span style="font-size: 15px"><em>INSTITUTIONAL ALIGNMENT: GTAA is strategically important to and aligned with the Georgia Institute of Technology (Georgia Tech), as GTAA administers Georgia Tech's comprehensive intercollegiate athletic program. Georgia Tech is not obligated to repay debt of the separately incorporated GTAA, but the organizations have overlapping governance and institutional goals. </em></span></p><p><span style="font-size: 15px"><em></em></span></p><p> <span style="font-size: 15px"><em>STRONG FUNDRAISING: GTAA benefits from strong philanthropic support, bolstered by the development activities of Georgia Tech and the Georgia Tech Foundation (the foundation). GTAA exceeded its $250 million fundraising goal as part of Georgia Tech's $1.5 billion comprehensive campaign concluding in calendar 2015. </em></span></p><p><span style="font-size: 15px"><em></em></span></p><p> <span style="font-size: 15px"><em>DEFICIT-GENERATING OPERATIONS: GTAA generates sizeable GAAP-based operating deficits, which are not uncommon for a stand-alone, athletics-focused auxiliary enterprise. Strong fundraising and sound investment management have offset operating deficits and bolstered GTAA's net assets over time. </em></span></p><p><span style="font-size: 15px"><em></em></span></p><p> <span style="font-size: 15px"><em>HIGH DEBT BURDEN: GTAA maintains a high pro forma debt burden as a result of added leverage in recent years and use of non-level, back-loaded debt structures. The high debt burden is partly offset by GTAA's lack of additional debt plans and its robust fundraising ability. </em></span></p><p><span style="font-size: 15px"></span></p></blockquote><p></p>
[QUOTE="jwsavhGT, post: 201626, member: 652"] [SIZE=4]Fitch Affirms Georgia Tech Athletic Association's Rev Bonds at 'A+'; Outlook Stable [URL]http://www.businesswire.com/news/home/20160107006063/en/Fitch-Affirms-Georgia-Tech-Athletic-Associations-Rev[/URL] [I]KEY RATING DRIVERS INSTITUTIONAL ALIGNMENT: GTAA is strategically important to and aligned with the Georgia Institute of Technology (Georgia Tech), as GTAA administers Georgia Tech's comprehensive intercollegiate athletic program. Georgia Tech is not obligated to repay debt of the separately incorporated GTAA, but the organizations have overlapping governance and institutional goals. STRONG FUNDRAISING: GTAA benefits from strong philanthropic support, bolstered by the development activities of Georgia Tech and the Georgia Tech Foundation (the foundation). GTAA exceeded its $250 million fundraising goal as part of Georgia Tech's $1.5 billion comprehensive campaign concluding in calendar 2015. DEFICIT-GENERATING OPERATIONS: GTAA generates sizeable GAAP-based operating deficits, which are not uncommon for a stand-alone, athletics-focused auxiliary enterprise. Strong fundraising and sound investment management have offset operating deficits and bolstered GTAA's net assets over time. HIGH DEBT BURDEN: GTAA maintains a high pro forma debt burden as a result of added leverage in recent years and use of non-level, back-loaded debt structures. The high debt burden is partly offset by GTAA's lack of additional debt plans and its robust fundraising ability. [/I] [/SIZE] [/QUOTE]
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