S&P Global Ratings affirmed its 'BBB+' long-term rating on the Economic Development Authority of the City of Salem, Va.'s series 2020 revenue bonds, issued for Roanoke College (Roanoke). The outlook is stable. As of June 30, 2023, the college had about $45 million in debt outstanding, which includes the series 2020 bonds, about $4 million in finance leases and a small internal note with a balance of about $8 million. The college plans on issuing up to $15 million in additional debt during the outlook period to help fund the construction of a new science center. The proposed debt is included in our calculation of pro forma debt, which totals $60 million. All debt is a general obligation of the
