...OSU's 'AA-' Issuer Default Rating (IDR) and general revenue bond (GRB) ratings reflect a solid 'aa' Revenue Defensibility assessment that is underpinned by the university's position as a co- flagship public research university, a stable to modestly growing enrollment base, and consistently solid out-of-state student market reach. Revenue diversity is sound and expected to somewhat insulate against revenue volatility going forward. Cash flow margins remain stable at roughly 12% over the last four fiscal years (fiscal years 2020- 2023). Debt leverage ratios are anticipated to stay in line with the rating category, and through Fitch's modeled investment and debt stress scenario. The scenario incorporates OSU management's near-term plans to keep annual new money issuances largely aligned to the pace of its debt amortization. The Stable Outlook reflects Fitch's expectations that OSU will manage through any potential future state appropriation fluctuations while maintaining adequate adjusted...
