Summary: Northampton County General Purpose Authority, Pennsylvania Moravian College; Private Coll/Univ - General Obligation

S&P Global Ratings revised its outlook to stable from negative and affirmed its 'BBB+' issuer credit rating on Moravian College, Pa. S&P Global Ratings also revised its outlook to stable from negative and affirmed its 'BBB+' long-term rating on Northampton County General Purpose Authority, Pa.'s series 2012, 2013, and 2016 college general revenue bonds, issued for Moravian College. The outlook revision reflects Moravian's continued trend of full-time-equivalent (FTE) enrollment growth, including during the COVID-19 pandemic, and our expectation that enrollment growth will continue. The outlook revision also reflects our view of a return to positive operating results during fiscal 2020 after several years of full-accrual deficits. As of fiscal 2020, Moravian College had approximately $86.5 million of total debt including

...S&P Global Ratings revised its outlook to stable from negative and affirmed its '###+' issuer credit rating on Moravian College, Pa. S&P Global Ratings also revised its outlook to stable from negative and affirmed its '###+' long-term rating on Northampton County General Purpose Authority, Pa.'s series 2012, 2013, and 2016 college general revenue bonds, issued for Moravian College. The outlook revision reflects Moravian's continued trend of full-time-equivalent (FTE) enrollment growth, including during the COVID-19 pandemic, and our expectation that enrollment growth will continue. The outlook revision also reflects our view of a return to positive operating results during fiscal 2020 after several years of full-accrual deficits. As of fiscal 2020, Moravian College had approximately $86.5 million of total debt including formerly classified off-balance-sheet financing of approximately $17.3 million issued by Moravian College Housing Inc. (MCHI) that has now come onto Moravian's balance sheet...

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