Standard&Poor's Ratings Services assigned its 'AA' long-term rating to Wake Forest University (WFU), N.C.'s up to $125 million taxable bonds, series 2012. The outlook is stable. The bonds are a general obligation (GO) of the university. The 'AA' rating reflects our view of WFU's consistent operating surpluses, strong demand profile, and solid management team. The university is in the silent phase of a $1 billion comprehensive campaign, and continues to demonstrate its strong fundraising capacity. Balancing these strengths, in our opinion, is this issuance of up to $125 million of additional debt, resulting in very low financial resources compared to both operating expenses and debt, for the rating category. The 'AA' long-term rating reflects our view of the
