...S&P Global Ratings affirmed its 'A+' rating on Missouri State University's (MSU) series 2005A, 2007A, 2010A, 2010B, 2014A, 2015A, and 2016A auxiliary enterprise revenue bonds. We also affirmed our 'A+' long-term rating on the university's series 2010B, 2014, and 2015 bonds, issued by the Missouri Health & Educational Facilities Authority. The outlook is positive. We assessed MSU's enterprise profile as very strong, characterized by stable enrollment and a stable demand profile with moderate selectivity and healthy retention. We assessed MSU's financial profile as very strong, with strong financial resources, solid operating trends with healthy surpluses for the past several fiscal years, and reasonable maximum annual debt service (MADS) burden. Combined, we believe these credit factors lead to an indicative stand-alone profile of 'a+' and final rating of 'A+'. The 'A+' long-term rating reflects our view of MSU's: + Status as the second leading public institution in the state, with a history...
