Wofford College, SC's Series 2019 Economic Development Revenue Bonds Assigned 'A-' Rating

SAN FRANCISCO (S&P Global Ratings) April 18, 2019--S&P Global Ratings assigned its 'A-' rating to the South Carolina Jobs Economic Development Authority's series 2019 economic development revenue bonds, issued for Wofford College. At the same time, S&P Global Ratings affirmed its 'A-' rating on the outstanding South Carolina Jobs Economic Development Authority and South Carolina Educational Facilities Authority's outstanding revenue bonds, issued for Wofford College. The outlook remains stable.
"The rating reflects our view of Wofford's strong enterprise and financial profiles," said S&P Global Ratings credit analyst Phillip Pena.
We assessed Wofford's enterprise profile as strong, characterized by sound enrollment, healthy demand with improving selectivity and steady matriculation, and solid fundraising, evidenced by recent success in securing notable gifts to support planned capital projects. We also assessed the college's financial profile as strong, with a growing endowment and solid available resources offsetting the college's trend of worsening operating deficits and limited revenue diversity. Combined, we believe these credit factors lead to an indicative stand-alone credit profile of 'a'. As our criteria indicate, the final rating can be within one notch of the indicative rating. In our opinion, the 'A-' rating on the college's bonds better reflects Wofford's operating trends and balance sheet metrics relative to rating category medians and those of peers.
The stable outlook reflects our expectation that over the two-year outlook period, student demand and quality metrics will continue to improve, and that enrollment will grow as the college expands its capacity. We further expect that the college's operations will remain positive on a cash basis but negative on a full-accrual basis, but will be partly offset by the maintenance of available resources consistent with the rating level.
The approximately $23 million series 2019 bonds will be used to fund a variety of projects including a new residence hall, a new academic building, the renovation of an existing library, and the construction of athletic facilities.
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