Standard&Poor's Ratings Services affirmed its 'BBB+' rating, with a stable outlook, on Hempstead Local Development Corp., N.Y.'s series 2009 revenue bonds, issued for Molloy College, and affirmed its 'BBB+' issuer credit rating (ICR), with a stable outlook, on Molloy College. The ratings reflect our assessment of the college's history of positive operating performance, enrollment growth, and stable demand. This is balanced by, what we view as, a high dependence on student revenue and a below-average endowment relative to its peer institutions. Although net tuition revenue growth has been, in our view, strong, we believe the college's upcoming capital plans and potential debt issuance could pressure the rating. We believe a large debt issuance within the next two years
