...Standard & Poor's Ratings Services has assigned its '##-' long-term rating to University of North Carolina Board of Governors' series 2013 general revenue refunding bonds issued for East Carolina University (ECU). In addition, we affirmed our '##-' long-term ratings on various other debt issued for ECU. The rating outlook is stable. The rating indicates our belief that ECU will likely continue to report stable operations and the state of North Carolina will continue to provide solid support. The university appears on strong footing, in our view, with financial resources in line with the median of the rating category and greater than its similarly rated in-state sister institutions. Further strengthening ECU's position, in our view, is a low debt burden and conservative debt structure that is front-loaded. We recognize that the university has significant capital plans, including approximately $380 million in nonappropriated facilities over the next six years. However, management indicates...
