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

S&P Global Ratings affirmed its 'BBB' long-term rating 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 very weak negative operations in generally accepted accounting principles (GAAP) basis; very high student dependence, with tuition and fees accounting for approximately 87% of revenues; a relatively stable tuition discount rate; and a standard debt burden. Combined, we believe these credit factors lead to an indicative standalone credit

...S&P Global Ratings affirmed its '###' long-term rating 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 very weak negative operations in generally accepted accounting principles (GAAP) basis; very high student dependence, with tuition and fees accounting for approximately 87% of revenues; a relatively stable tuition discount rate; and a standard debt burden. Combined, we believe these credit factors lead to an indicative standalone credit profile of '###'. In our opinion, the '###' rating on the university's bonds reflects UD's available resources for the rating category compared with...

Summary