S&P Global Ratings has affirmed its 'A' long-term rating on the University of North Alabama (UNA)'s series 2014 bonds. The outlook is stable. We assessed UNA's enterprise profile as strong characterized by growing enrollment after several years of decline, solid demand profile with increasing freshmen applications, improved selectivity, and higher graduation rates. We assessed UNA's financial profile as strong characterized by growing net tuition revenue although we do recognize that operations have been pressured for fiscal 2015 (audited fiscal 2016 financials were not available at the time of this review), and its manageable debt burden and financial resource ratios that weakened but remain sufficient for the rating category. Combined, we believe these credit factors lead to an indicative stand-alone credit
