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UCF CREDIT PROFILE: The University of Central Florida's (UCF) willingness and ability to support the operations and debt of its component unit, the UCF Stadium Corporation (UCFSC), are the bonds' primary credit strength.
PENDING CONSTITUTIONAL AMENDMENTS: Any material impact to pledged revenues that results from passage of proposed constitutional amendments - if the amendments limit UCF's ability to increase tuition or fees pledged to any UCF or UCFSC revenue bonds, could negatively pressure the rating.
Formed in 2005 as the Golden Knights Corporation, UCFSC is a not-for-profit corporation organized and operated for the benefit and purposes of UCF.
Fitch considers UCF's support of and close ties to UCFSC to be the bonds' primary credit strength.
This connection is evidenced by a support agreement, under which UCF defers charges for utilities and other services it provides UCFSC if debt service coverage from pledged facility revenues is expected to fall below 1.2x.
If those accounts are fully funded, certain revenues are exempt from transfer, and surplus funds may be released back to UCFSC or UCF.
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- Uch Sharif