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.

S&P also affirmed its A underlying rating, saying the recent bankruptcy filing by Harrisburg is not likely to affect the college's rating. The City Council has filed for bankruptcy protection, and state receivership is pending.

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