...S&P Global Ratings affirmed its '##' rating on Wake Forest University's (WFU, or the university) series 2016, 2012, and 2004B bonds, and its '##/A-1+' ratings on the North Carolina Capital Facilities Finance Agency's series 2004A variable-rate bonds. The outlook is stable. We assessed WFU's enterprise profile as extremely strong, characterized by a strong external reputation with solid demand, strong student quality, a broad geographic draw, diverse program offerings, strong fundraising capacity, and a disciplined management team. We assessed WFU's financial profile as strong, with good operating performance and an average debt burden. The financial profile is balanced by revenues that are largely student-dependent, and available resources that are modest for the rating category and would be pressured if additional debt is issued without substantial growth in available resources. Combined, we believe these credit factors lead to an indicative standalone credit profile of '##-'. In our opinion,...
