...S&P Global Ratings affirmed its '###' long-term rating on Hempstead Town Local Development Corp., N.Y.'s series 2009 and 2014 revenue bonds issued for Molloy College (Molloy). We also affirmed our '###' issuer credit rating (ICR) on the college. The outlook is stable. Total long-term debt outstanding as of the college's fiscal year-end (June 30) 2016, is $76.4 million including $0.22 million of capitalized leases. Our rating reflects our view of Molloy's strong enterprise profile characterized by its solid market position and demand with a rising enrollment and application trend, high retention rates but low matriculation rate, the latter indicative of a highly competitive market. The enterprise profile also reflects our view of the college's robust management and governance that routinely follow conservative budget and fiscal operating practices. In addition, the rating reflects our view of Molloy's adequate financial profile for the rating category characterized by healthy financial management...
