Release date: 4 Aug 2004
Public Radio Capital Salutes Colorado Public Radio's Affirmed Investment Grade Status
(Denver) Public Radio Capital congratulates Colorado Public Radio for its affirmed investment grade status from Moody's Investors Service and Standard and Poor's.
"We are pleased that Moody's and Standard and Poor's have reaffirmed CPR's investment grade rating. And we want to acknowledge two organizations who made the refinancing possible: The Colorado Educational and Cultural Facilities Authority, the conduit issuer of the tax-exempt bonds; and Public Radio Capital, who not only helped CPR achieve investment grade status and issue the bonds, but also was instrumental in establishing our two-channel network."
Max Wycisk
President
Colorado Public Radio
In a statement dated August 4, 2004, Moody's Investors Service said that it "has affirmed the Baa2 rating assigned to Colorado Public Radio's outstanding $6 million of Series 2002 revenue bonds, issued through the Colorado Educational and Cultural Facilities Authority... The affirmation and stable outlook reflect CPR's continued steady market share in a highly competitive market, historically balanced operational performance with a demonstrated ability to weather cyclicality in membership and underwriting revenue and adequate unrestricted cash and investments cushioning moderate debt."
In a publication dated 26-Mar-2004, Standard and Poor's affirmed Colorado Public Radio's 'BBB' Rating, and stated that "the organization's outlook is stable."
In one of its first projects, Public Radio Capital worked with the Board of Directors and management of Colorado Public Radio to purchase an AM station in Denver in 2001. Public Radio Capital then helped Colorado Public Radio become the first public broadcasting organization ever to receive investment grade ratings from both Moody's and Standard and Poor's firms, as well as Fitch, the other national rating firm. In January 2002, CPR issued approximately $6,500,000 in tax-exempt, investment-grade revenue bonds to refinance and extend existing debt, paying for the purchase of stations in Denver, Boulder and Pueblo which had enabled CPR to develop a statewide, two-channel network that began broadcasting in April 2001.
"Kudos to Colorado Public Radio for continuing to demonstrate its leadership in the public radio system," said Marc Hand, managing director of Public Radio Capital.
"Their commitment to public radio's mission of providing enduring and important content for listeners is reflected in their sound administration, their determination to use business tools to further democracy and culture, and their ever-growing support from the communities they serve."
