Standard&Poor's Ratings Services affirmed its 'BBB+' long-term rating, with a stable outlook, to the Town of Hempstead Local Development Corp., N.Y.'s series 2009 revenue bonds, issued for Molloy College. The rating reflects our opinion of the college's: Continued solid operating surpluses on a full-accrual basis with some improvement in fiscal 2010; Growing total enrollment; Manageable debt burden with no additional debt expected in the next two to three years; and Adequate financial resource ratios for the rating with fiscal 2010 expendable resources of $65 million equal to 87% of expenses and 132% of debt, which includes bond proceeds. These factors are mitigated in our view by low revenue diversity with tuition and fees accounting for a high 95%
