...S&P Global Ratings revised its outlook to stable from negative and affirmed its 'A' long-term rating and underlying rating (SPUR) on the University of North Alabama's (UNA) outstanding general fee revenue bonds. The outlook revision reflects S&P Global Ratings' opinion of UNA's solid demand despite the effects of the COVID-19 pandemic and continued positive operating margins. We expect enrollment will continue to grow as the university has various recruitment strategies that are proving to be successful. While available resources are low compared with rating category medians, we do not expect further weakening. Pro forma debt includes $25 million in future bonds to fund certain capital needs; we don't expect additional debt beyond this amount. The bonds are secured by a pledge of general fees, which include all fees and charges charged to students enrolled at the university, including tuition and course, registration, laboratory, out-of-state, and building fees. We view this as a broad...
