Standard&Poor's Ratings Services affirmed its 'BBB' underlying rating (SPUR) on the Louisiana Local Government Environmental Facilities and Community Development Authority's series 2011 revenue refunding bonds, issued on behalf of the Delgado Community College Foundation for the benefit of Delgado Community College (DCC). The outlook is stable. The 'BBB' rating reflects our view of DCC's very modest debt load, with less than $3.3 million in revenue bonds outstanding and a history of growing enrollment. Partially mitigating these factors include decreases in operating performance that have produced three years of consecutive deficits on a cash and full-accrual basis, though unaudited fiscal 2015 performance indicates a cash surplus. We also view significant turnover in key leadership positons as a credit risk.
