Summary: Moravian College, Pennsylvania; Private Coll/Univ - General Obligation

S&P Global Ratings affirmed its 'BBB+' rating on Northampton County General Purpose Authority, Pa.'s series 2012, 2013, and 2016 college general revenue bonds, issued for Moravian College. The outlook is stable. We assessed Moravian's enterprise profile as strong, with continued growth in enrollment for a third consecutive year, and a significant increase in applicants over a five-year period, all while in a high-competition market. We assessed Moravian's financial profile as adequate, with continued positive operating margins, largely driven by increases in enrollment at the college, and weakening financial resource ratios that are also associated with enrollment growth at the college. Combined, we believe these credit factors lead to an indicative stand-alone credit profile of 'bbb+' and a long-term rating of

...S&P Global Ratings affirmed its '###+' rating on Northampton County General Purpose Authority, Pa.'s series 2012, 2013, and 2016 college general revenue bonds, issued for Moravian College. The outlook is stable. We assessed Moravian's enterprise profile as strong, with continued growth in enrollment for a third consecutive year, and a significant increase in applicants over a five-year period, all while in a high-competition market. We assessed Moravian's financial profile as adequate, with continued positive operating margins, largely driven by increases in enrollment at the college, and weakening financial resource ratios that are also associated with enrollment growth at the college. Combined, we believe these credit factors lead to an indicative stand-alone credit profile of '###+' and a long-term rating of '###+'. More specifically, the '###+' rating reflects our assessment of Moravian's:...

Summary