...Standard & Poor's Ratings Services affirmed its '###' long-term rating on Hempstead Local Development Corp., N.Y.'s series 2009 and 2014 revenue bonds issued for Molloy College. We also affirmed our '###' issuer credit rating (ICR) on the college. The outlook is stable. Total long-term debt outstanding as of the college's fiscal year-end (June 30) 2015, is $78.3 million including $0.25 million of capitalized leases. The rating reflects our assessment of the college's sound enterprise profile with a price-competitive tuition rate and rising enrollment; and an adequate financial profile that is characterized by recurring financial operating surpluses, a moderately high debt burden, and modest financial resources. In addition, the enterprise profile is further strengthened by strong governance and management and an ongoing transformation of the campus, faculty, and curriculum that has been focused on improving the undergraduate experience and increasing the number of graduate and professional...
