Standard&Poor's Ratings Services affirmed its 'AA' long-term rating on North Carolina Capital Facilities Finance Agency's series 2009 educational facilities revenue bonds, issued for Wake Forest University. At the same time, Standard&Poor's affirmed its 'AA/A-1+' rating on the agency's series 2004A variable-rate educational facilities revenue bonds, also issued on behalf of the university. The outlook on the long-term rating is stable. The rating reflects our view of the university's unsecured general obligation pledge, which is supported by: Positive financial performance on a full-accrual basis, with consecutive operating surpluses for fiscal 2009, fiscal 2010, and fiscal 2011; A strong demand profile, with increases in full-time enrollment, solid acceptance and matriculation rates, and high student quality; and A well-diversified
