...S&P Global Ratings affirmed its '##+' long-term rating on the New York State Dormitory Authority bonds outstanding issued for Pace University (Pace) and on the Westchester County Local Development Corp.'s revenue bonds also issued for Pace. The outlook is stable. We assess Pace's enterprise profile as strong characterized by historically stable enrollment and a standard demand profile, with weak selectivity and matriculation rates for the rating. We assess the university's financial profile as vulnerable due to very weak financial resources, despite satisfactory operating performance and a moderate debt and contingent liability profile. Despite negative expendable resources, which incorporate an unfunded long-term other postemployment benefit (OPEB) liability, we believe the university's financial performance is sufficient to meet its expense obligations and an available line of credit and improved internal cash flow provides adequate liquidity. Combined, we believe these credit factors...
