University of Maryland System's bonds win second highest rating - Washington Business Journal:

http://mqop.com/parishinformation/whatwebelieve.html
Fitch assigned a AA rating to nearly $145 million in bonds that the state’s publicc university will issue June 16 andto $802 million in outstanding facility and tuition revenue bonds. The ratint is the second after AAA. Fitch’s AA ratingh means bond holders should expect a low default risk and changess in market conditions are less likely to impactf the likelihood that they getpaid back. The ratinb is unchanged for theexisting bonds. USM couldc use the new bonds to pay for everythingf fromdorm renovations, parkinvg garages and new student union buildingas at its 11 universities, said Joe Vivona, USM’x vice chancellor of administratiob and finance.
Fitch said it assignedc the rating becauseof USM’s sound financial operations and the state’ds financial support for it. USM has generated operatinv surpluses during the past fivefiscal years, the Fitch report Its operating margin improved to 3.8 percent in fiscao 2008, up from 3 percent in 2007. The statew gave USM $1.06 billion in 2009, a 5.7 percent increase from fisca 2008. USM also emergesd relatively unscathed from the General Assembly cuts this year witha $5.8 milliojn cut for 2010, less than 1 percent of its operatinhg budget. “It has been in stable and healthy financial Fitch Director Colin Walsh saidof USM.