...S&P Global Ratings affirmed its '##' long-term rating to the Public Finance Authority (PFA), Wis.'s series 2019 student-housing revenue bonds, the proceeds of which are being used to finance the construction of student housing on the campus of Nevada State College (NSC), a member of the Nevada System of Higher Education (NSHE). The outlook is negative. The negative outlook reflects our view of the occupancy and financial risk the project faces due to the COVID-19 pandemic. While the project is currently under construction and benefits from capitalized interest to cover the November 2020 debt service payment, we believe the initial lease up of the facility in fall 2020 could be challenged by uncertainty with fall 2020 enrollment levels and mode of instruction. In addition, while management anticipates that the project will be complete in time for the beginning of the fall semester, we believe there is little flexibility with the project schedule or budget for unforeseen issues or expenses....
