Summary: University of North Alabama; Public Coll/Univ - Unlimited Student Fees

S&P Global Ratings assigned its 'A' rating to the University of North Alabama's (UNA) $24 million series 2019C refunding general fee revenue bonds. The outlook remains negative. We revised the outlook to negative in April 2018 to reflect recent declines in the university's available resources, as measured by unrestricted net assets relative to operations and debt. However, we do recognize that the university's operating performance for fiscal 2018 was solid, boosting available resource ratios. If the university is able to sustain this level of positive momentum in both operations and available resources, and if future deferred maintenance and capital do not pressure the balance sheet resources, S&P Global Ratings could revise the outlook back to stable. We assessed UNA's enterprise

...S&P Global Ratings assigned its 'A' rating to the University of North Alabama's (UNA) $24 million series 2019C refunding general fee revenue bonds. The outlook remains negative. We revised the outlook to negative in April 2018 to reflect recent declines in the university's available resources, as measured by unrestricted net assets relative to operations and debt. However, we do recognize that the university's operating performance for fiscal 2018 was solid, boosting available resource ratios. If the university is able to sustain this level of positive momentum in both operations and available resources, and if future deferred maintenance and capital do not pressure the balance sheet resources, S&P Global Ratings could revise the outlook back to stable. We assessed UNA's enterprise profile as strong, characterized by stable enrollment and management's expectation of enrollment growth and improved graduation and retention rates. However, we recognize that selectivity has weakened from fall...

Summary