The city that envelops it is a financial mess, but Harrisburg Area Community College had Standard & Poor's affirm its bond rating at A, with a stable outlook. "The Harrisburg name is not a taint on the credit quality of all related issuers," Janney Capital Markets said in a report.

The community college receives support from 22 local school districts and Pennsylvania, according to Janney, while a state aid intercept mechanism adds a layer of protection. The Pennsylvania State Public School Building Authority is the conduit issuer for the college's Series 2011 revenue bonds.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.