Summary: City Of Salem Economic Development Authority, Virginia Roanoke College; Private Coll/Univ - General Obligation

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, 2021, the college had about $40 million in debt outstanding, which includes the series 2020 bonds with about $35 million and various capital leases with about $5 million outstanding. All debt is a general obligation of the college. The college does not have any existing operating leases. As a result of the recent COVID-19 outbreak, Roanoke transitioned all classes to an online format in March 2020, through the remainder of the academic year. The college remained mostly remote in fall 2020 and operated in

...S&P Global Ratings affirmed its '###+' 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, 2021, the college had about $40 million in debt outstanding, which includes the series 2020 bonds with about $35 million and various capital leases with about $5 million outstanding. All debt is a general obligation of the college. The college does not have any existing operating leases. As a result of the recent COVID-19 outbreak, Roanoke transitioned all classes to an online format in March 2020, through the remainder of the academic year. The college remained mostly remote in fall 2020 and operated in more of a hybrid setting in the spring. For fall 2021, the college required vaccines and reported more than 90% of students are vaccinated. Partially because of the impact of the pandemic, enrollment declined a little more than 3% in fall 2020 and fall 2021. Despite...

Summary