NEW YORK - Standard & Poor's Ratings Services said it revised its outlook to stable from negative and affirmed the BB-plus long-term rating on Massachusetts Development Finance Agency's revenue bonds issued for Eastern Nazarene College.
"The outlook revision reflects a rebound in enrollment and demand which management expects will translate into break-even operating performance for fiscal 2012," said Standard & Poor's credit analyst Bobbi Gajwani.
The revision also reflects the college's increased liquidity resulting from the sale of some of its real estate assets.
Although the college has generated deficits on an accrual basis for the past three years, it has reported surpluses on a cash basis, which Standard & Poor's views favorably. The rater expect stable enrollment and continued conservative fiscal management will enable the college to minimize deficits.
Eastern Nazarene College, located in Quincy about six miles from Boston, is a four-year liberal arts institution affiliated with the International Church of the Nazarene.