Standard&Poor's Ratings Services assigned its 'AA-' rating to University of North Carolina Board of Governors' series 2016A general revenue bonds and 2016B taxable general revenue bonds, issued for East Carolina University (ECU). At the same time, Standard&Poor's affirmed its 'AA-' rating on general and pooled revenue debt issued by or for the board of governors and ECU. The outlook on all ratings is stable. The rating reflects our opinion of ECU's continued solid full-accrual operating surpluses for fiscal 2015, growing enrollment and demand, and adequate financial resources for the rating category, though slightly weak with the additional debt. We consider the university's revenue diversity a credit strength, and believe that maximum annual debt service (MADS) burden
