NEW YORK (Standard&Poor's) Oct. 20, 2009--Standard&Poor's Ratings Services assigned its 'BBB+' long-term rating, with a stable outlook, to the Town of Hempstead Local Development Corp., N.Y.'s approximately $50 million series 2009 revenue bonds, issued for Molloy College, N.Y. The rating reflects the college's solid operating surpluses on a full-accrual basis since 2000; growing enrollment and an improving demand profile with stronger selectivity; management's successful administration of sound fiscal policies and a clear strategic vision of the college's future; manageable debt ($50 million) burden with no additional debt expected in the next two to three years, and pro forma maximum annual debt service (MADS) debt burden of about 6.3%; and adequate financial resource ratios for the rating
