Summary: East Carolina University, North Carolina; Public Coll/Univ - Unlimited Student Fees

Standard&Poor's Ratings Services assigned its 'AA-' long-term rating to East Carolina University, (ECU) N.C.'s series 2010A pool revenue bonds. The rating outlook is stable. The 'AA-' rating reflects our view of ECU's: History of strong state support from North Carolina (AAA/Stable) for both operations and capital; Comprehensive nature of the university and its role within the University of North Carolina system; Solid 19% enrollment growth to about 28,000 students in fall 2009 since fall 2005; Good revenue diversity with 35% from state appropriations, 29.5% from students (including 11.6% auxiliary), and 21% from patient services; Low debt level of $97 million, including capital leases and notes, as of fiscal 2009; approximately $180 million pro forma (including this issue as

...Standard & Poor's Ratings Services assigned its '##-' long-term rating to East Carolina University, (ECU) N.C.'s series 2010A pool revenue bonds. The rating outlook is stable. The '##-' rating reflects our view of ECU's: + History of strong state support from North Carolina (###/Stable) for both operations and capital; + Comprehensive nature of the university and its role within the University of North Carolina system; + Solid 19% enrollment growth to about 28,000 students in fall 2009 since fall 2005; + Good revenue diversity with 35% from state appropriations, 29.5% from students (including 11.6% auxiliary), and 21% from patient services; + Low debt level of $97 million, including capital leases and notes, as of fiscal 2009; approximately $180 million pro forma (including this issue as well as subsequent issue in summer 2010). In our opinion, offsetting credit factors include low endowment of $89 million, limited fundraising history, and limited admission selectivity. The university is...

Summary