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 University of Dubuque (UD). The outlook is stable. We assessed the UD's enterprise profile as strong, characterized by a history of enrollment growth that has recently plateaued, reasonable selectivity and matriculation for the rating, and some geographic diversity within its enrollment base. We assessed UD's financial profile as adequate, with very weak negative operations on a generally accepted accounting principles (GAAP) basis; very high student dependence, with tuition and fees accounting for approximately 85% of revenue; an aggressive debt structure, and continued reliance on revenue anticipation notes to bridge cash flow, but offset by
