Summary: Iowa Higher Education Loan Authority Grinnell College; Private Coll/Univ - General Obligation

S&P Global Ratings assigned its 'AAA' long-term rating to Iowa Higher Education Loan Authority's $61 million series 2021 revenue bonds issued for Grinnell College. At the same time, we affirmed our 'AAA' long-term rating on the existing bonds of Grinnell College. The outlook is stable. Grinnell plan to issue approximately $61 million of debt in series 2021 to fund 1) the construction of a new approximately 140-bed residence hall in downtown Grinnell, Iowa, 2) renovating, equipping, and furnishing of Norris Hall and Loose Hall, and 3) expanding the chiller plant for the college's residence halls, and to pay issuance costs. Post-issuance, total pro forma debt is expected to be about $228 million. Securing the bonds is a general obligation of

...S&P Global Ratings assigned its '###' long-term rating to Iowa Higher Education Loan Authority's $61 million series 2021 revenue bonds issued for Grinnell College. At the same time, we affirmed our '###' long-term rating on the existing bonds of Grinnell College. The outlook is stable. Grinnell plan to issue approximately $61 million of debt in series 2021 to fund 1) the construction of a new approximately 140-bed residence hall in downtown Grinnell, Iowa, 2) renovating, equipping, and furnishing of Norris Hall and Loose Hall, and 3) expanding the chiller plant for the college's residence halls, and to pay issuance costs. Post-issuance, total pro forma debt is expected to be about $228 million. Securing the bonds is a general obligation of the college. While there is a high level of uncertainty regarding the duration and extent of the impact of the COVID-19 outbreak, we believe that Grinnell has taken prudent steps to address its COVID-19 concerns. The college transitioned to remote learning...

Summary