...S&P Global Ratings affirmed its '###' issuer credit rating (ICR) and long-term rating on Hempstead Town Local Development Corp., N.Y.'s series 2014, 2017, and 2018 revenue bonds issued for Molloy College (Molloy). The outlook is stable. The bonds are an unsecured obligation of the college and are further secured by a mortgage on the Rockville Centre campus and by gross revenue. All debt is fixed rate. Total debt outstanding, as of the fiscal year ended June 30, 2019 equals approximately $86.6 million consisting of series 2014, series 2017, and series 2018 bonds and a modest amount of capital leases. At this time, management reports that there are no additional debt plans. We believe there is a high level of uncertainty regarding the duration and extent of the COVID-19 outbreak, and recognize that the situation is fluid. Due to the recent COVID-19 pandemic, the college transitioned its courses online in March 2020. All students living on campus were mandated to leave. Molloy anticipates...
