...Standard & Poor's Ratings Services has affirmed its '###' long-term rating on the city of Wilkes-Barre Finance Authority, Pa.'s series 2007 refunding revenue bonds, and '###' rating on Northeastern Pennsylvania Hospital & Education Authority's series 2012 bonds, issued for Wilkes University. The outlook is stable. The rating affirmation reflects our opinion of the university's positive full-accrual operating performance, good program diversity, and budgetary flexibility, which has enabled it to adjust expenses to accommodate revenue fluctuations. These strengths are partly offset, in our view, of the university's below-average (relative to rating category medians) financial resource ratios. The rating is also based on the expectation of management's stated intention of paying off its drawdown bank note ($5.8 million outstanding as of May 31, 2015) with proceeds from a recently concluded fundraising campaign, on schedule to be fully paid off by 2020. Although not expected, an extension of...
