Standard&Poor's Ratings Services affirmed its 'BBB+' rating, with a stable outlook, on Hempstead Local Development Corp., N.Y.'s series 2009 revenue bonds, issued for Molloy College, and affirmed its 'BBB+' issuer credit rating (ICR), with a stable outlook, on the college. The ratings reflect our assessment of the college's history of positive operating performance, enrollment growth, and strong demand profile that offsets very high student dependence and low endowment levels relative to its peer institutions. Although net tuition revenue growth has been, what we consider, impressive, we believe a weak balance sheet somewhat constrains the ratings. More specifically, factors supporting the ratings include our opinion of Molloy's: Continued solid operating surpluses on a full-accrual basis, Impressive recent net tuition
