Iowa Higher Education Loan Authority Grinnell College; Private Coll/Univ - General Obligation

S&P Global Ratings assigned its 'AAA' long-term rating to Iowa Higher Education Loan Authority's series 2017 bonds issued for Grinnell College. In the meantime, we affirmed our 'AAA' long-term rating on the authority's series 2014 and 2010 bonds, also issued for the college. The outlook is stable. Grinnell's enterprise profile was assessed as very strong based on good demand, geographically diverse student body, and strong competition for students. The financial profile is also very strong, characterized by overwhelming financial resource ratios, and positive operations in fiscal 2016 with additional endowment spending despite historical full-accrual deficits. Combined, these factors lead to an indicative stand-alone credit profile of 'aa.' The college's significant cash and investments to pro forma debt, exceptionally strong expendable

...S&P Global Ratings assigned its '###' long-term rating to Iowa Higher Education Loan Authority's series 2017 bonds issued for Grinnell College. In the meantime, we affirmed our '###' long-term rating on the authority's series 2014 and 2010 bonds, also issued for the college. The outlook is stable. Grinnell's enterprise profile was assessed as very strong based on good demand, geographically diverse student body, and strong competition for students. The financial profile is also very strong, characterized by overwhelming financial resource ratios, and positive operations in fiscal 2016 with additional endowment spending despite historical full-accrual deficits. Combined, these factors lead to an indicative stand-alone credit profile of '##.' The college's significant cash and investments to pro forma debt, exceptionally strong expendable resources to operating expenses and pro forma debt and solid endowment per full-time equivalent (FTE) student relative to peers in the '##' and '###' category...

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