East Carolina University, NC Series 2018A General Revenue Bonds Rated 'AA-'

CENTENNIAL (S&P Global Ratings) March 28, 2018--S&P Global Ratings assigned its 'AA-' rating to the University of North Carolina Board of Governors' series 2018A general revenue bonds, issued for East Carolina University (ECU). At the same time, S&P Global Ratings affirmed its 'AA-' rating on general and pooled revenue debt issued by or for the board of governors and ECU. The outlook on all ratings is stable. "The stable outlook reflects our expectation of stable enrollment over the next two years, with positive operating performance on a full-accrual basis, and incremental growth in unrestricted net assets," said S&P Global Ratings credit analyst Sean Lacy. We assessed ECU's enterprise profile as very strong, characterized by incremental growth in enrollment, mainly coming

...CENTENNIAL (S&P Global Ratings) March 28, 2018--S&P Global Ratings assigned its '##-' rating to the University of North Carolina Board of Governors' series 2018A general revenue bonds, issued for East Carolina University (ECU). At the same time, S&P Global Ratings affirmed its '##-' rating on general and pooled revenue debt issued by or for the board of governors and ECU. The outlook on all ratings is stable. "The stable outlook reflects our expectation of stable enrollment over the next two years, with positive operating performance on a full-accrual basis, and incremental growth in unrestricted net assets," said S&P Global Ratings credit analyst Sean Lacy. We assessed ECU's enterprise profile as very strong, characterized by incremental growth in enrollment, mainly coming from transfers, and an improving retention rate. Matriculation remains consistent with peers and its tuition discounting is below the medians. We assessed ECU's financial profile as very strong, characterized by its...

Ratings Action