...S&P Global Ratings' long-term rating on the North Carolina Capital Facilities Finance Agency's series 2018, series 2016, and series 2012 educational facilities revenue bonds issued for Wake Forest University (WFU, or the university) is '##'. 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 in available resources. Combined, we believe these credit factors lead to an indicative stand-alone credit profile of '##-'. In our opinion,...
