Standard&Poor's Ratings Services has affirmed its 'A' issuer credit rating (ICR) on DePaul University (DePaul), Ill. and affirmed the ratings on the Illinois Financial Authority's series 2008, 2011A, and 2011B bonds, and series 2013 revenue bonds, issued for DePaul. The outlook is stable. Factors supporting the rating include DePaul's strong operating performance, good level of investment liquidity, and good demand with historical enrollment growth. We also consider DePaul's strong fundraising progress and limited debt plans as credit strengths. Enrollments have declined over the past two years, but we understand that management has offset the resulting decline in revenue with expense controls. Management expects to generate another positive operating result in fiscal 2014, excluding the one-time costs associated with
