...S&P Global Ratings has affirmed its '##' long-term rating on the North Carolina Capital Facilities Finance Agency's series 2012 and 2009 bonds and its '##/A-1+' ratings on the agency's series 2004A variable-rate bonds, issued for Wake Forest University (WFU). The outlook is stable. We assessed WFU's enterprise profile as extremely strong, characterized by a strong external reputation with solid demand, strong student quality, a broad geographic draw, diverse program offerings, strong fundraising capacity, and a disciplined management team. We assessed WFU's financial profile as strong, with good operating performance and an average pro forma debt burden. The financial profile is balanced by revenues that are largely student dependent, and available resources that are modest for the rating category. Combined, we believe these credit factors lead to an indicative stand-alone credit profile of '##-'. In our opinion, the '##' rating on the university's bonds better reflects WFU's solid demand...
