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

S&P Global Ratings revised the outlook on its 'AA-' rating on University of North Carolina Board of Governors' revenue debt, issued for East Carolina University (ECU), to negative from stable. At the same time, S&P Global Ratings assigned its 'AA-' rating and negative outlook to University of North Carolina Board of Governors' roughly $15.24 million series 2020 revenue bonds, issued for ECU, and affirmed its 'AA-' rating on ECU's existing debt. The negative outlook reflects S&P Global Ratings' opinion that enrollment will likely remain challenged, evidenced by recent weakened selectivity and matriculation; we expect COVID-19 to exacerbate this pressure. We expect that available resource ratios, currently below medians, will likely remain pressured. The outlook also reflects our view that there

...S&P Global Ratings revised the outlook on its '##-' rating on University of North Carolina Board of Governors' revenue debt, issued for East Carolina University (ECU), to negative from stable. At the same time, S&P Global Ratings assigned its '##-' rating and negative outlook to University of North Carolina Board of Governors' roughly $15.24 million series 2020 revenue bonds, issued for ECU, and affirmed its '##-' rating on ECU's existing debt. The negative outlook reflects S&P Global Ratings' opinion that enrollment will likely remain challenged, evidenced by recent weakened selectivity and matriculation; we expect COVID-19 to exacerbate this pressure. We expect that available resource ratios, currently below medians, will likely remain pressured. The outlook also reflects our view that there is, at least, a one-in-three chance enrollment and financial challenges will likely weaken to a degree that greatly affects ECU's ability to maintain credit characteristics in-line with the current...

Summary