Standard&Poor's Ratings Services has assigned its 'A' long-term rating and stable outlook to the University of North Alabama (UNA)'s series 2014 bonds. At the same time, we assigned an 'a' stand-alone credit profile (SACP) rating to the university. The long-term rating reflects our view of the university's history of solid operating performance, good revenue diversity, and modest debt burden. We believe the rating is currently constrained by weak financial resource ratios relative to peers. We also expect that the headcount will at least remain stable over the next few years. The rating reflects the following factors: History of operating surplus on a full accrual basis; Good revenue diversity with net tuition and fees comprising 42% of fiscal 2013
