Standard&Poor's Ratings Services assigned its 'AA' long-term rating, with a stable outlook, to North Carolina Capital Facilities Financing Agency's series 2009 educational facilities revenue bonds, issued for Wake Forest University. At the same time, Standard&Poor's affirmed its 'AA/A-1+' long term rating, with a stable outlook, on the series 2004A variable-rate educational facilities revenue bonds. The rating reflects the university's unsecured general obligation pledge supported by: Positive financial performance on a full accrual basis, with consecutive operating surpluses of $6 million and $12 million for fiscals 2007 and 2008, respectively; A strong demand profile, with increases in full-time enrollment, solid acceptance and matriculation rates, and high student quality; and A well-diversified program base that includes graduate, medical,
