...S&P Global Ratings assigned its '##' rating to the North Carolina Capital Facilities Finance Agency's $110 million series 2018 educational facilities revenue bonds, issued for Wake Forest University (WFU, or the university). At the same time, S&P Global Ratings affirmed its '##' rating on the series 2016 and 2012 bonds, and its '##/A-1+' ratings on the series 2004A variable-rate bonds. 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 debt burden. The financial profile is balanced by revenues that are largely student dependent, and available resources that are modest for the rating category and would be pressured if additional debt is issued without substantial growth...
