Iowa Higher Education Loan Authority, Iowa Dubuque University; Joint Criteria; Note; Private Coll/Univ - General Obligation

Standard&Poor's Ratings Services raised its long-term rating to 'BBB' from 'BBB-' on Iowa Higher Education Loan Authority's series 2011 private college facility revenue refunding bonds, issued on behalf of Dubuque University (UD). The outlook is stable. The raised rating reflects the application of our updated criteria, "Methodology: Not-For-Profit Public And Private Colleges And Universities", published Jan. 6, 2016. We assessed the UD's enterprise profile as strong, characterized by moderate enrollment growth and relatively stable demand profile with reasonable selectivity and moderate matriculation rates for the rating. We assessed UD's financial profile as adequate, with consistently positive operations on a cash basis, though variable on a generally accepted accounting principles (GAAP) basis, high student dependence with tuition and fees

...Standard & Poor's Ratings Services raised its long-term rating to '###' from '###-' on Iowa Higher Education Loan Authority's series 2011 private college facility revenue refunding bonds, issued on behalf of Dubuque University (UD). The outlook is stable. The raised rating reflects the application of our updated criteria, "Methodology: Not-For-Profit Public And Private Colleges And Universities", published Jan. 6, 2016. We assessed the UD's enterprise profile as strong, characterized by moderate enrollment growth and relatively stable demand profile with reasonable selectivity and moderate matriculation rates for the rating. We assessed UD's financial profile as adequate, with consistently positive operations on a cash basis, though variable on a generally accepted accounting principles (GAAP) basis, high student dependence with tuition and fees comprising approximately 91% or revenues, relatively stable tuition discount and standard debt burden. Combined, we believe these credit factors...

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