In a report, the credit ratings agency lowered its outlook on the school's debt, issued by the New York State Dormitory, to negative from stable.Obviously, S&P is underestimating the future of law school, this one in particular. A million dollar deficit? Shit, Joan Wexler made 1.3 million in 2011. You could cut salaries at the school from stupendously ridiculous to merely exhorbitant and - bam! - you've got a profit. Plus, Brooklyn has a long way to go down in finding new lemmings to harvest. And as the unindentified spokesman pointed out in the article, Brooklyn is launching a two-year program that will substantially increase revenue if you live in fantasydemandland, where the AALS owns a time share and some mineral leases.
In a statement, a spokesman for the law school acknowledged S&P’s concerns but added, “We are highly confident that, despite these challenges, Brooklyn Law School will continue to do well.” He also noted that Moody’s Investors Service reconfirmed a stable outlook on the school’s debt two months ago.
Headcount decreased 10% to 1,137 this fall from a year ago and 22% over the last three years, the ratings agency said.
For the fiscal year ended, June 30, 2012, Brooklyn reported a $996,000 operating deficit, the report said.
Thursday, October 17, 2013
S&P Unaware of Pending Rebound in Legal Education, May Downgrade Brooklyn
Standard & Poor may downgrade Brooklyn Law School's debt: