S&P Global Ratings affirmed its 'AAA' long-term rating on Grinnell College, Iowa's revenue bonds. The outlook is stable. Grinnell had about $218 million in debt outstanding as of June 30, 2022. The debt is fixed rate, fully amortizes by 2052, and is secured by a general obligation of the college. The debt has a bullet payment of roughly $61 million due in 2052; however, this poses little to no risk to the college given the size of its available resources. The college does not have any additional debt plans within our outlook period. Grinnell's enterprise profile was assessed as extremely strong based on an exceptional acceptance rate below 10% along with a high matriculation rate of 41% in fall 2022,
