Standard&Poor's Ratings Services assigned its 'AA' long-term rating to the $44.1 million series 2015A bonds to be issued by California Educational Facilities Authority for University of Southern California (USC). In addition, Standard&Poor's affirmed its 'AA' long-term rating and underlying ratings (SPUR) on outstanding debt issued for USC by various issuers. The outlook on all ratings is stable. The 'AA' rating reflects our view of the university's strong demand and student metrics, impressive fundraising capacity, and operating performance. These factors are partly offset by a greater appetite for debt since fiscal 2010, and the weak operating performance of three recently acquired hospitals. In our view, the endowment market value has increased and student selectivity has improved substantially
