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

S&P Global Ratings assigned its 'A' long-term rating to the University of North Alabama's (UNA) $20 million series 2021A general fee revenue bonds and $18 million series 2021B taxable general fee revenue refunding bonds. The outlook is stable. The bonds are secured by a pledge of general fees, which include all fees and charges charged to students enrolled at the university, including tuition and special course, registration, laboratory, and out-of-state fees. We view this as a broad pledge and consider it an unlimited student fee pledge, equivalent to a general obligation of the university. Debt as of fiscal 2020 totaled $92 million, and when including the current additional debt, the total rises to about $112 million. Debt outstanding includes a

...S&P Global Ratings assigned its 'A' long-term rating to the University of North Alabama's (UNA) $20 million series 2021A general fee revenue bonds and $18 million series 2021B taxable general fee revenue refunding bonds. The outlook is stable. The bonds are secured by a pledge of general fees, which include all fees and charges charged to students enrolled at the university, including tuition and special course, registration, laboratory, and out-of-state fees. We view this as a broad pledge and consider it an unlimited student fee pledge, equivalent to a general obligation of the university. Debt as of fiscal 2020 totaled $92 million, and when including the current additional debt, the total rises to about $112 million. Debt outstanding includes a private placement of $8 million to finance a portion of the costs for a nursing and health professions building on campus; S&P Global Ratings does not rate this private placement, but we have reviewed the documents and understand the private placement...

Summary