City Of Salem Economic Development Authority, Virginia Roanoke College; Private Coll/Univ - General Obligation

S&P Global Ratings assigned its 'BBB+' long-term rating to the Economic Development Authority of the City of Salem, Va.'s estimated $40 million series 2020 educational facilities revenue bonds, to be issued for Roanoke College. At the same time, S&P Global Ratings affirmed its 'BBB+' long-term rating on Virginia Small Business Finance Authority's series 2011 housing revenue bonds and Virginia College Building Authority's series 2007 revenue bonds, both issued for Roanoke College (Roanoke). The outlook is stable. We assessed Roanoke's enterprise profile as adequate characterized by fairly stable enrollment and student quality consistent with the rating category, offset by weak selectivity and matriculation rates for the rating that further deteriorated in fall 2019 and a growing tuition discount rate. We assessed

...S&P Global Ratings assigned its '###+' long-term rating to the Economic Development Authority of the City of Salem, Va.'s estimated $40 million series 2020 educational facilities revenue bonds, to be issued for Roanoke College. At the same time, S&P Global Ratings affirmed its '###+' long-term rating on Virginia Small Business Finance Authority's series 2011 housing revenue bonds and Virginia College Building Authority's series 2007 revenue bonds, both issued for Roanoke College (Roanoke). The outlook is stable. We assessed Roanoke's enterprise profile as adequate characterized by fairly stable enrollment and student quality consistent with the rating category, offset by weak selectivity and matriculation rates for the rating that further deteriorated in fall 2019 and a growing tuition discount rate. We assessed Roanoke's financial profile as strong, with positive operating performance despite a high tuition discount rate, solid available resources that have grown gradually the past three...

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