Summary: Virginia College Building Authority Roanoke College; Private Coll/Univ - General Obligation

S&P Global Ratings affirmed its 'BBB+' rating on Virginia Small Business Finance Authority's series 2011 housing revenue bonds and Virginia College Building Authority's series 2007 revenue bonds, both issued for Roanoke College (Roanoke). The outlook is stable. We assessed Roanoke's enterprise profile as strong characterized by stable enrollment offset by some pressure during the recent past, weak though improving selectivity, and low matriculation rates for the rating. We assessed Roanoke's financial profile as adequate, with positive operating performance despite a high tuition discount rate, diminished, though still solid, available resources, and manageable debt burden. Combined, we believe these credit factors lead to an indicative standalone credit profile of 'bbb+', and a final rating of 'BBB+'. The rating reflects our assessment

...S&P Global Ratings affirmed its '###+' rating on Virginia Small Business Finance Authority's series 2011 housing revenue bonds and Virginia College Building Authority's series 2007 revenue bonds, both issued for Roanoke College (Roanoke). The outlook is stable. We assessed Roanoke's enterprise profile as strong characterized by stable enrollment offset by some pressure during the recent past, weak though improving selectivity, and low matriculation rates for the rating. We assessed Roanoke's financial profile as adequate, with positive operating performance despite a high tuition discount rate, diminished, though still solid, available resources, and manageable debt burden. Combined, we believe these credit factors lead to an indicative standalone credit profile of '###+', and a final rating of '###+'. The rating reflects our assessment of Roanoke's strengths:...

Summary