Summary: Iowa Higher Education Loan Authority Dubuque University; Private Coll/Univ - General Obligation

S&P Global Ratings affirmed its long-term rating of 'BBB' on Iowa Higher Education Loan Authority's series 2011 private college facility revenue refunding bonds, issued on behalf of Dubuque University (UD). The outlook is stable. We assessed the UD's enterprise profile as strong, characterized by modest enrollment growth and relatively stable demand profile with reasonable selectivity, moderate matriculation rates, and marked geographic diversity for the rating. We assessed UD's financial profile as adequate, with historically consistently positive operations on a cash basis, though variable on a generally accepted accounting principles (GAAP) basis, very high student dependence with tuition and fees comprising approximately 92% or revenues, relatively stable tuition discount, and standard debt burden. Combined, we believe these credit factors lead to

...S&P Global Ratings affirmed its long-term rating of '###' on Iowa Higher Education Loan Authority's series 2011 private college facility revenue refunding bonds, issued on behalf of Dubuque University (UD). The outlook is stable. We assessed the UD's enterprise profile as strong, characterized by modest enrollment growth and relatively stable demand profile with reasonable selectivity, moderate matriculation rates, and marked geographic diversity for the rating. We assessed UD's financial profile as adequate, with historically consistently positive operations on a cash basis, though variable on a generally accepted accounting principles (GAAP) basis, very high student dependence with tuition and fees comprising approximately 92% or revenues, relatively stable tuition discount, and standard debt burden. Combined, we believe these credit factors lead to an indicative stand-alone credit profile of '###'. In our opinion, the '###' rating on the college's bonds reflects UD's available resources...

Summary