NEW YORK (Standard&Poor's) Oct. 17, 2014--Standard&Poor's Ratings Services lowered its issuer credit rating to 'BBB' from 'BBB+' on Molloy College and its long-term rating to 'BBB' from 'BBB+' on Hempstead Local Development Corp., N.Y.'s series 2009 revenue bonds issued for the college. In addition, Standard&Poor's assigned its 'BBB' long-term rating to the corporation's $30 million series 2014 revenue bonds also issued for the college. The outlook is stable. "The rating action reflects our assessment of the college's diminished financial profile with the current debt issuance causing financial resources to fall below medians for the rating category," said Standard&Poor's credit analyst Ken Rodgers. The current issuance raises the college's total debt by approximately
