S&P Global Ratings affirmed its 'BBB' issuer credit rating (ICR) on Molloy University, N.Y. S&P Global Ratings also affirmed its 'BBB' rating on Hempstead Town Local Development Corp., N.Y.'s series 2014; 2017; and 2018 revenue bonds, issued for Molloy. The outlook is stable. The bonds are an unsecured obligation of Molloy, further secured by a mortgage on Rockville Centre campus and gross revenue. As of June 30, 2023, Molloy had approximately $99.8 million of debt outstanding, including fixed-rate bonds and lease liabilities. Maximum annual debt service, including lease payments, equaled 5.2% of fiscal 2023 operating expenses, which we view as manageable. Management does not currently have any additional debt plans. We view Molloy's enterprise-risk profile as strong, characterized by its
