DePaul University, Illinois; Private Coll/Univ - General Obligation

S&P Global Ratings affirmed its 'A' issuer credit rating (ICR) and long-term rating on Illinois Finance Authority's revenue and revenue refunding bonds, issued for DePaul University, Ill. The outlook on the ICR and all rated issues is stable. DePaul's outstanding debt at fiscal year-end June 30, 2021, totaled $301.2 million inclusive of $47.9 million of operating leases and $1.5 million of capital leases. Total debt also includes $24.3 million of direct purchase debt outstanding that was used to refund its series 2008 bonds in 2018. In March 2021, the university sold $24.7 million of series 2021limited obligation bonds. DePaul used the $24.7 million in proceeds to defease the series 2011B bonds. DePaul's bonds are secured by a general obligation pledge

...S&P Global Ratings affirmed its 'A' issuer credit rating (ICR) and long-term rating on Illinois Finance Authority's revenue and revenue refunding bonds, issued for DePaul University, Ill. The outlook on the ICR and all rated issues is stable. DePaul's outstanding debt at fiscal year-end June 30, 2021, totaled $301.2 million inclusive of $47.9 million of operating leases and $1.5 million of capital leases. Total debt also includes $24.3 million of direct purchase debt outstanding that was used to refund its series 2008 bonds in 2018. In March 2021, the university sold $24.7 million of series 2021limited obligation bonds. DePaul used the $24.7 million in proceeds to defease the series 2011B bonds. DePaul's bonds are secured by a general obligation pledge of the university. We understand DePaul does not currently intend to issue additional (new money) debt for at least the next year. The university was awarded $7.2 million for Emergency Financial Assistance to students on March 17, 2021 and...

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