Fitch Affirms FSU Financial Assistance's (FL) Revenue Bond Ratings at 'A+'; Outlook Stable
Fitch Ratings - New York - 09 Jun 2021: Fitch Ratings has affirmed the 'A+' ratings on approximately $132 million limited pledge revenue bonds issued by FSU Financial Assistance, Inc. (FSUFA).
Boosters generates considerable support from various revenue streams, including concessions, conference facility revenues and license fee revenues. Overall fiscal 2020 contributions accounted for approximately $42 million (61% of total operating revenues), followed by $33 million in annual program support contributions. Fiscal 2021 will be pressured by the pandemic, with decreases expected in all contribution types (annual, restricted, capital projects and endowments), as well as in charges for services. Expectations are for some recovery in a normalized fiscal 2022 as pandemic conditions abate.
FSU cuts athletic department budget 20%
Florida State’s athletic department generated $198.4 million in total revenue, according to the latest information provided by the U.S. Department of Education’s Equity in Athletics database, but the Seminoles have been debt heavy.
The department had $201.9 million in athletics-related debt in 2018, according to a Knight Commission database.
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