Summary: North Carolina Capital Facilities Finance Agency Wake Forest University; Private Coll/Univ - General Obligation

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, stable enrollment with broad program diversity, and good fundraising capacity. Balancing these strengths is a balance sheet that is merely adequate for the rating category, and recent break-even operating performance. The university is in the midst of a $600 million campaign, and with about $416 million pledged, we expect that proceeds

...Standard & Poor's Ratings Services affirmed its '##' long-term rating on the North Carolina Capital Facilities Finance Agency's series 2012 and 2009 bonds, and its '##/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 '##' rating reflects our view of WFU's solid demand profile, stable enrollment with broad program diversity, and good fundraising capacity. Balancing these strengths is a balance sheet that is merely adequate for the rating category, and recent break-even operating performance. The university is in the midst of a $600 million campaign, and with about $416 million pledged, we expect that proceeds will contribute to financial resource growth. The university generated break-even operating performance on a generally accepted accounting principles (GAAP) basis in fiscal 2014 and 2013 after years of stronger positive...

Summary