S&P Global Ratings affirmed its 'BBB' issuer credit rating (ICR) on Molloy University, N.Y. (Molloy) and its 'BBB' long-term rating on Hempstead Town Local Development Corp., N.Y.'s series 2014, 2017, and 2018 revenue bonds issued for Molloy. The outlook is stable. As of June 30, 2022, the university had approximately $102.9 million of outstanding debt, consisting of the series 2014, series 2017, and series 2018 bonds, and $22.4 million of leases. The bonds are an unsecured obligation of the university and are further secured by a mortgage on the Rockville Centre campus and by gross revenue. All debt is fixed rate. The university's maximum annual debt service (MADS) burden, which includes lease payments, is 5.2% of fiscal 2022 operating expenses,
