University of North Alabama's General Fee Revenue And Refunding Bonds Assigned 'A' Rating

SAN FRANCISCO (S&P Global Ratings) June 29, 2021--S&P Global Ratings assigned its 'A' long-term rating to the University of North Alabama's (UNA) $20 million series 2021A general fee revenue bonds and $18 million series 2021B taxable general fee revenue refunding bonds. The outlook is stable. "We assessed UNA's enterprise profile as strong, characterized by growing total enrollment and good matriculation and retention rates," said S&P Global Ratings credit analyst Mary Ellen Wriedt. "We assessed UNA's financial profile as strong, characterized by growing net tuition revenue and solid operating performance, with fiscal 2020 ending with a full-accrual surplus. However, available resources are low for the rating, in our opinion, and we believe that the university has limited cushion to absorb any

...June 29, 2021 SAN FRANCISCO (S&P Global Ratings) June 29, 2021--S&P Global Ratings assigned its 'A' long-term rating to the University of North Alabama's (UNA) $20 million series 2021A general fee revenue bonds and $18 million series 2021B taxable general fee revenue refunding bonds. The outlook is stable. "We assessed UNA's enterprise profile as strong, characterized by growing total enrollment and good matriculation and retention rates," said S&P Global Ratings credit analyst Mary Ellen Wriedt. "We assessed UNA's financial profile as strong, characterized by growing net tuition revenue and solid operating performance, with fiscal 2020 ending with a full-accrual surplus. However, available resources are low for the rating, in our opinion, and we believe that the university has limited cushion to absorb any additional debt beyond the current issuance." We believe these credit factors, combined, lead to an indicative stand-alone credit profile of 'a' and an 'A' rating on the university's...

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