Summary: The Board Of Governors Of The University Of North Carolina East Carolina University; Public Coll/Univ - Unlimited Student Fees

S&P Global Ratings affirmed its 'AA-' rating on the University of North Carolina Board of Governors' series 2016A general revenue bonds and 2016B taxable general revenue bonds, issued for East Carolina University (ECU). At the same time, S&P Global Ratings affirmed its 'AA-' rating on general and pooled revenue debt issued by or for the board of governors and ECU. The outlook on all ratings is stable. We assessed ECU's enterprise profile as very strong characterized by incremental growth in enrollment, increasing applications and improvement in selectivity. Matriculation and retention remain consistent with medians and peers. We assessed ECU's financial profile as very strong characterized by its history of operating full accrual surpluses, and low maximum annual debt service (MADS)

...S&P Global Ratings affirmed its '##-' rating on the University of North Carolina Board of Governors' series 2016A general revenue bonds and 2016B taxable general revenue bonds, issued for East Carolina University (ECU). At the same time, S&P Global Ratings affirmed its '##-' rating on general and pooled revenue debt issued by or for the board of governors and ECU. The outlook on all ratings is stable. We assessed ECU's enterprise profile as very strong characterized by incremental growth in enrollment, increasing applications and improvement in selectivity. Matriculation and retention remain consistent with medians and peers. We assessed ECU's financial profile as very strong characterized by its history of operating full accrual surpluses, and low maximum annual debt service (MADS) burden. Available resource ratios that are slightly low as a result of the large debt issuance in fiscal 2016, but still remain in-line with medians. Combined, we believe these credit factors lead to an indicative...

Summary