S&P Global Ratings affirmed its 'A-' rating on Rhode Island Health&Educational Building Corp. 's series 2017 higher education facility revenue bonds, issued for New England Institute of Technology (NEIT). The outlook is stable. As of fiscal year-end June 2024, NEIT had $82.3 million of debt outstanding, consisting of $4.7 million outstanding as series 2008 variable-rate revenue bonds, $47 million in series 2015 direct-placement debt, $27.7 million in series 2017 revenue bonds, a $2.7 million term loan, and around $100,000 in leases. Securing the bonds is a general obligation of the institute. There are financial covenants associated with the series 2008 and private-placement debt, with a debt service coverage requirement of at least 1.25x and a liquidity ratio requirement
