Summary: Redevelopment Authority of the City of Bethlehem, Pennsylvania Moravian University; Private Coll/Univ - General Obligation

S&P Global Ratings assigned its 'BBB+' rating to the Redevelopment Authority of the City of Bethlehem, Pa.'s series 2021 and series 2022 revenue bonds issued on behalf of Moravian University (Moravian). At the same time, S&P Global Ratings affirmed its 'BBB+' issuer credit rating on Moravian and its 'BBB+' long-term rating on Northampton County General Purpose Authority, Pa.'s series 2012, 2013, and 2016 college general revenue bonds issued on behalf of the university. The outlook is stable. The $5.0 million tax-exempt series 2021 and $10.6 million tax-exempt series 2022 bonds are secured by a gross revenue pledge, on parity with the university's outstanding bonds. The series 2021 and 2022 bonds will be used to refund Moravian's 2019 note and 2012

...S&P Global Ratings assigned its '###+' rating to the Redevelopment Authority of the City of Bethlehem, Pa.'s series 2021 and series 2022 revenue bonds issued on behalf of Moravian University (Moravian). At the same time, S&P Global Ratings affirmed its '###+' issuer credit rating on Moravian and its '###+' long-term rating on Northampton County General Purpose Authority, Pa.'s series 2012, 2013, and 2016 college general revenue bonds issued on behalf of the university. The outlook is stable. The $5.0 million tax-exempt series 2021 and $10.6 million tax-exempt series 2022 bonds are secured by a gross revenue pledge, on parity with the university's outstanding bonds. The series 2021 and 2022 bonds will be used to refund Moravian's 2019 note and 2012 bonds, respectively. The transaction will bring total pro forma debt to approximately $77.9 million, including $16.7 million issued by Moravian College Housing Inc. (MCHI) and $3.1 million in capital leases. Management reports there are no plans...

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