University Finance Notes Downgraded

The rating on University Finance Pass-Through Certificates series 2006 has been downgraded from Baa1 to Baa3 by Moody's Investors Service due to the rating agency's recent downgrade of the debt rating of the University of Quebec at Montreal.The certificates were issued in connection with the construction and permanent financing of a university complex to be constructed on behalf of UQAM across from its main campus. Moody's attributed the downgrade to capital cost overruns, which contributed to a high debt burden, and concerns regarding the effectiveness of governance practices.