The 'AA' long-term rating on North Carolina Capital Facilities Financing Agency's variable-rate educational facilities revenue bonds, series 2004A and 2004B, issued for Wake Forest University, reflects the university's unsecured GO pledge supported by: Solid liquidity with cash and investments of $457.3 million, representing 182% of operations and 504% of pro forma debt for fiscal 2004; A sizable overall endowment of $812 million, or an impressive $128,248 per full-time equivalent student (if the medical school is excluded, the university's endowment is at $429 million); A low current debt burden of 4.3% and even lower pro-forma MADS burden of 3.0%, with no plans for additional debt; A strong demand profile, with increases in enrollment and applications, and solid acceptance and matriculation rates
