Standard&Poor's Ratings Services has affirmed its 'A' long-term rating on the University of North Alabama (UNA)'s series 2014 bonds. The outlook is stable. 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 at least break-even operating performance on a full-accrual basis; Adequate revenue diversity with net tuition and fees comprising 46% of fiscal 2014 revenues; and Slightly above-average debt burden, with maximum annual debt service (MADS) burden
