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, 2022, the college had about $38 million in debt outstanding, which includes the series 2020 bonds with about $34 million and various capital leases with about $4 million outstanding. All debt is a general obligation of the college. The college does not have any existing operating leases. We assessed Roanoke's enterprise profile as adequate characterized by solid retention rates and increasing applications, offset by declining FTE enrollment and generally weaker demand metrics compared with peers. We assessed Roanoke's financial profile as strong, with break-even
