Grinnell College, IA 2016 Bonds Rated 'AAA'

NEW YORK (S&P Global Ratings) Dec. 21, 2016--S&P Global Ratings assigned its 'AAA' long-term rating to Iowa Higher Education Loan Authority's series 2017 bonds issued for Grinnell College. We also affirmed our 'AAA' long-term rating on the authority's series 2014 and 2010 bonds, also issued for the college. The outlook is stable. "Grinnell's enterprise profile is very strong based on good demand, geographically diverse student body, and strong competition for students," said S&P Global Ratings credit analyst Ying Huang. The financial profile is also very strong, characterized by overwhelming financial resource ratios, and positive operations in fiscal 2016 with additional endowment spending despite historical full-accrual deficits. Combined, these factors lead to an indicative stand-alone credit profile of 'aa.' The college's

...NEW YORK (S&P Global Ratings) Dec. 21, 2016--S&P Global Ratings assigned its '###' long-term rating to Iowa Higher Education Loan Authority's series 2017 bonds issued for Grinnell College. We also affirmed our '###' long-term rating on the authority's series 2014 and 2010 bonds, also issued for the college. The outlook is stable. "Grinnell's enterprise profile is very strong based on good demand, geographically diverse student body, and strong competition for students," said S&P Global Ratings credit analyst Ying Huang. The financial profile is also very strong, characterized by overwhelming financial resource ratios, and positive operations in fiscal 2016 with additional endowment spending despite historical full-accrual deficits. Combined, these factors lead to an indicative stand-alone credit profile of '##.' The college's significant cash and investments to pro forma debt, exceptionally strong expendable resources to operating expenses and pro forma debt and solid endowment per full-time...

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