S&P Global Ratings affirmed its'BBB+'long-term rating on the Economic Development Authority of the City of Salem , Virginia's series 2020 and series 2025 bonds, issued for Roanoke College (Roanoke). The outlook is stable. All debt is a general obligation of the college. The fiscal 2026 figures represented are based on the college's draft audit, which management does not expect to change materially once finalized. As of June 30, 2026, the college had about $65 million in debt outstanding, which includes the series 2020 and series 2025 bonds, $1.3 million in finance leases, and a small internal note with a balance of $7.4 million. The college's maximum annual debt service (MADS) burden was 4% as of fiscal 2026, which
