Grinnell College, IA's Series 2021 Revenue Bonds Assigned 'AAA' Rating

SAN FRANCISCO (S&P Global Ratings) March 16, 2021--S&P Global Ratings assigned its 'AAA' long-term rating to Iowa Higher Education Loan Authority's $61 million series 2021 revenue bonds issued for Grinnell College. At the same time, we affirmed our 'AAA' long-term rating on the existing bonds of Grinnell College. The outlook is stable. Grinnell plan to issue approximately $61 million of debt in series 2021 to fund 1) the construction of a new approximately 140-bed residence hall in downtown Grinnell, Iowa, 2) renovating, equipping, and furnishing of Norris Hall and Loose Hall, and 3) expanding the chiller plant for the college's residence halls, and to pay issuance costs. Post-issuance, total pro forma debt is expected to be about $228 million. "Grinnell's

...March 16, 2021 SAN FRANCISCO (S&P Global Ratings) March 16, 2021--S&P Global Ratings assigned its '###' long-term rating to Iowa Higher Education Loan Authority's $61 million series 2021 revenue bonds issued for Grinnell College. At the same time, we affirmed our '###' long-term rating on the existing bonds of Grinnell College. The outlook is stable. Grinnell plan to issue approximately $61 million of debt in series 2021 to fund 1) the construction of a new approximately 140-bed residence hall in downtown Grinnell, Iowa, 2) renovating, equipping, and furnishing of Norris Hall and Loose Hall, and 3) expanding the chiller plant for the college's residence halls, and to pay issuance costs. Post-issuance, total pro forma debt is expected to be about $228 million. "Grinnell's enterprise profile was assessed as very strong based on good demand, a geographically diverse student body, and strong competition for students," said S&P Global Ratings credit analyst Ying Huang. "The financial profile...

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