Summary: Hempstead Town Local Development Corp., New York Molloy College; Private Coll/Univ - General Obligation

S&P Global Ratings affirmed its 'BBB' issuer credit rating (ICR) and long-term rating on Hempstead Twn Local Dev Corp, N.Y.'s series 2014, 2017, and 2018 revenue bonds issued for Molloy College (Molloy). The outlook is stable. As of June 30, 2020, the college had approximately $84.8 million of outstanding debt, consisting of the series 2014, series 2017, and series 2018 bonds, and a modest amount of capital leases. The bonds are an unsecured obligation of the college and are further secured by a mortgage on the Rockville Centre campus and by gross revenue. All debt is fixed rate. As of June 30, 2020, the college also had lease agreements with future minimum payments totaling $20.1 million. The college's maximum annual

...S&P Global Ratings affirmed its '###' issuer credit rating (ICR) and long-term rating on Hempstead Twn Local Dev Corp, N.Y.'s series 2014, 2017, and 2018 revenue bonds issued for Molloy College (Molloy). The outlook is stable. As of June 30, 2020, the college had approximately $84.8 million of outstanding debt, consisting of the series 2014, series 2017, and series 2018 bonds, and a modest amount of capital leases. The bonds are an unsecured obligation of the college and are further secured by a mortgage on the Rockville Centre campus and by gross revenue. All debt is fixed rate. As of June 30, 2020, the college also had lease agreements with future minimum payments totaling $20.1 million. The college's maximum annual debt service (MADS) burden, which includes lease payments, was 5.0% of fiscal 2020 operating expenses, which we view as average. At this time, management reports there are no additional debt plans. Due to the COVID-19 pandemic, Molloy provided hybrid in-person and online instruction...

Summary