Standard & Poor's Ratings Services raised its long-term rating to BBB-plus from BBB on Wisconsin Health & Educational Facilities Authority's revenue bonds, issued on behalf of Carroll University.

The outlook is stable.

"The raised rating reflects our view of the university's consistent positive operating performance, stable student enrollment and demand, manageable debt burden, and solid expendable resource ratios relative to the rating category," said Standard & Poor's credit analyst Jessica Wood. "During the past two years, the university has maintained financial resource ratios consistent with the BBB-plus rating category and managed its discount rate," Wood added.

The university does not plan to issue any new debt during the outlook period.

Carroll University, founded in 1846, is a regional, private university located in Waukesha, Wis., about 20 miles west of Milwaukee. The university is affiliated with the Presbyterian Church and enrolled 3,233 undergraduate and 338 graduate students in fall 2012.

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