...S&P Global Ratings affirmed its '##' rating on University of Southern California's (USC) series 2017 taxable bonds. In addition, we affirmed our '##' long-term rating and underlying rating (SPUR) on the California Educational Facilities Authority's and other issuers' outstanding bonds issued for USC. The outlook is stable. We assessed USC's enterprise profile as extremely strong, characterized by increasing selectivity and matriculation rates and healthy retention rate, as well as a history of successful fundraising. We assessed USC's financial profile as strong, characterized by robust and increasing operating performance and a moderate debt burden, offset by average available resources for the rating category. Combined, we believe these credit factors lead to an indicative stand-alone credit profile of '##-'. As our criteria indicate, the final rating can be within one notch of the indicative credit level. In our opinion, the '##' rating on USC's bonds better reflects the strength of...
