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

S&P Global Ratings affirmed its 'BBB+' rating on the Redevelopment Authority of the City of Bethlehem, Pa.'s series 2021 and series 2022 revenue bonds issued on behalf of Moravian University (Moravian). At the same time, S&P Global Ratings affirmed its 'BBB+' issuer credit rating on Moravian and its 'BBB+' long-term rating on Northampton County General Purpose Authority, Pa.'s series 2013 and 2016 college general revenue bonds issued on behalf of the university. The outlook is stable. The university's bonds are secured by a gross revenue pledge. Total debt as of fiscal 2022 was approximately $74.5 million, including $16.0 million issued by Moravian College Housing Inc. (MCHI), $6.9 million of bank loans, and $2.8 million in capital leases. S&P Global Ratings

...--Fiscal year ended June 30-- Medians for '###' rated private colleges & universities 2023 2022 2021 2020 2019 2021 Expendable resources ($000s) N.A. 76,140 93,218 53,665 57,315 MNR Cash and investments to operations (%) N.A. 115.3 135.6 105.1 106.4 114.3 Cash and investments to debt (%) N.A. 200.7 194.2 142.9 142.5 204.2 Expendable resources to operations (%) N.A. 58.7 78.5 45.6 47.7 72.9 Expendable resources to debt (%) N.A. 102.2 112.5 62.1 63.9 129.4 Average age of plant (years) N.A. 12.9 12.6 11.7 10.9 15.6 N.A.--Not available. MNR--Median not reported. MADS--Maximum annual debt service. Total adjusted operating revenue = unrestricted revenue less realized and unrealized gains/losses and financial aid. Total adjusted operating expense = unrestricted expense plus financial aid expense. Net operating margin = 100*(net adjusted operating income/adjusted operating expense). Student dependence = 100*(gross tuition revenue + auxiliary revenue) / adjusted operating revenue. Current debt service...

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