...S&P Global Ratings assigned its '##-' rating to the University of North Carolina Board of Governors' series 2018A general revenue bonds, issued for East Carolina University (ECU). At the same time, S&P Global Ratings affirmed its '##-' rating on general and pooled revenue debt issued by or for the board of governors and ECU. The outlook on all ratings is stable. We assessed ECU's enterprise profile as very strong, characterized by incremental growth in enrollment, mainly coming from transfers, and an improving retention rate. Matriculation remains consistent with peers and its tuition discounting is below the medians. We assessed ECU's financial profile as very strong, characterized by its history of operating full-accrual surpluses, and low pro forma maximum annual debt service (MADS) burden. Available resource ratios are slightly low on a pro forma basis, but still remain in line with medians. Combined, we believe these credit factors lead to an indicative stand-alone credit profile of...
