Standard&Poor's Ratings Services assigned its 'BBB+' long-term rating, with a stable outlook, to the Town of Hempstead Local Development Corp., N.Y.'s approximately $50 million revenue bonds, series 2009, issued for Molloy College. The rating reflects the college's: Solid operating surpluses on a full-accrual basis since 2000; Growing enrollment and an improving demand profile with stronger selectivity; Management's successful administration of sound fiscal policies and a clear strategic vision of the college's future; Manageable debt ($50 million) burden with no additional debt expected in the next two to three years, and pro forma MADS debt burden of about 6.3%; and Adequate financial resource ratios for the rating category with fiscal 2008 expendable resources of $22 million equal to 37%
