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

S&P Global Ratings lowered its rating on Virginia Small Business Finance Authority's series 2011 housing revenue bonds and Virginia College Building Authority's series 2007 revenue bonds, both issued for Roanoke College (Roanoke), to 'BBB+' from 'A-'. The outlook is stable. We lowered the rating based in part on the Not-for-Profit Public and Private Colleges and Universities methodology, published on Jan. 6, 2016, and on our view of the college's weaker available resources following a recent issuance of additional debt to fund an ongoing capital project. In our opinion, Roanoke's available resources have not kept pace with the increase in debt. We assessed Roanoke's enterprise profile as strong characterized by historically stable enrollment offset by some pressure during the past two

...S&P Global Ratings lowered its rating on Virginia Small Business Finance Authority's series 2011 housing revenue bonds and Virginia College Building Authority's series 2007 revenue bonds, both issued for Roanoke College (Roanoke), to '###+' from 'A-'. The outlook is stable. We lowered the rating based in part on the Not-for-Profit Public and Private Colleges and Universities methodology, published on Jan. 6, 2016, and on our view of the college's weaker available resources following a recent issuance of additional debt to fund an ongoing capital project. In our opinion, Roanoke's available resources have not kept pace with the increase in debt. We assessed Roanoke's enterprise profile as strong characterized by historically stable enrollment offset by some pressure during the past two years, weak selectivity, and matriculation rates for the rating. We assessed Roanoke's financial profile as adequate, with solid operating performance despite high tuition discount rate, diminished, though...

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