S&P Global Ratings assessed our long-term rating on Iowa Higher Education Loan Authority's outstanding bonds issued for Grinnell College. The rating is 'AAA', and 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 available resource ratios, and healthy operating margins in the last couple of years driven by supplemental endowment spending and improved operations, 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 debt, exceptional expendable resources to operating expenses and debt, and solid endowment per full-time-equivalent (FTE) student relative
