Virginia College Building Authority Regent University; Private Coll/Univ - General Obligation

S&P Global Ratings raised its long-term rating to 'BBB-' from 'BB+' on the existing bonds of Regent University, Va. The outlook is positive. At the same time, S&P Global Ratings assigned its 'BBB-' rating, with a positive outlook, to Virginia College Building Authority's $77 million series 2021 educational facilities revenue bonds issued for Regent University. The rating upgrade reflects our view of significant enrollment growth over the last few years and the healthy operating surpluses (along with zero endowment draws) in fiscals 2019 and 2020 as well as materially lowered debt service burden with the proposed debt refinancing. In our view, management has made great strides to expand program offerings and enrollment, grow revenue, and contain costs, which eventually translated

...S&P Global Ratings raised its long-term rating to '###-' from '##+' on the existing bonds of Regent University, Va. The outlook is positive. At the same time, S&P Global Ratings assigned its '###-' rating, with a positive outlook, to Virginia College Building Authority's $77 million series 2021 educational facilities revenue bonds issued for Regent University. The rating upgrade reflects our view of significant enrollment growth over the last few years and the healthy operating surpluses (along with zero endowment draws) in fiscals 2019 and 2020 as well as materially lowered debt service burden with the proposed debt refinancing. In our view, management has made great strides to expand program offerings and enrollment, grow revenue, and contain costs, which eventually translated into improved operations and balance sheet. The positive outlook reflects our opinion that the positive trend in demand and operations will likely continue despite the impacts of the ongoing pandemic. It also reflects...

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