Standard&Poor's Ratings Services affirmed its 'AA' long-term rating on the North Carolina Capital Facilities Finance Agency's series 2012 and 2009 bonds, and its 'AA/A-1+' rating on the agency's series 2004A variable-rate bonds, issued for Wake Forest University (WFU). The outlook on the long-term rating is stable. All bonds are a general obligation (GO) of the university. The 'AA' rating reflects our view of WFU's solid demand profile, operating surpluses, and good fundraising capacity. The university publicly launched a $600 million campaign recently, and with about $315 million pledged to date, we expect that proceeds will contribute to financial resource growth. Balancing these strengths is a balance sheet that is weak for the rating category, with financial resources that
