Weekly Market Update

MARCH MADNESS PROVIDING A FINANCIAL BOOST FOR MANY SCHOOLS

Thursday, March 15, 2018

The NCAA receives significant financial compensation from the annual NCAA Division I Men's Basketball Tournament. More than 80 percent of its overall $1 billion 2017 revenue came from the sale of March Madness television rights. The NCAA passes on a large portion of this revenue to its member schools and athletic conferences, having dispensed $788 million in 2016. The disbursements are proportionally weighted towards conferences and schools that appear most often in the basketball tournament and college football playoff games. The University of Kansas, a number one seed in this year's tournament and member of the Big 12 conference, received over $28 million in 2016. By contrast, Marshall University, a tournament participant and member of the smaller Conference USA, received less than $5 million in the same year.

In Other News

Rating Agency Update

  • Moody's assigned A1 to University of Illinois' Series 2018A Revenue Bonds. The outlook is negative.
  • Moody's assigned Baa2 to Le Moyne College's Series 2018 Revenue Bonds. The outlook is stable.
  • Moody's assigned Aa3 to Texas Woman's University's Series 2018 Revenue Bonds. The outlook is stable.
  • S&P assigned A+ to Rutgers University's Series 2018 General Obligation Bonds. The outlook is stable.
  • S&P affirmed Franklin & Marshall College's AA- rating. The outlook is stable.
  • S&P assigned AA to Florida State University's Parking Facility and Health-Fee Revenue Bonds. At the same time, S&P assigned AA- to the university's Dormitory Revenue Bonds. The outlook is stable on both.
  • S&P affirmed Clemson University's AA rating. The outlook is stable.
  • S&P affirmed Mercy College's A rating. The outlook is stable.
  • S&P affirmed Nova Southeastern University's A- rating. The outlook is stable.
  • S&P assigned AA- to Florida College System's Series 2018A Revenue Bonds. The outlook is stable.
  • S&P affirmed Wayland Baptist University's A- rating. The outlook is stable.