S&P Global Ratings affirmed its 'A-' rating on the Philadelphia Authority for Industrial Development, Pa.'s taxable series 2022 and tax-exempt series 2023 university revenue bonds, issued on behalf of Holy Family University (HFU). At the same time, S&P Global Ratings affirmed its 'A-' issuer credit rating (ICR) on HFU. An ICR reflects the obligor's general creditworthiness. The outlook remains stable. As of fiscal 2024, HFU had approximately $29.0 million in outstanding debt, including operating leases of $400,000. The university's bonds are secured by a pledge of gross revenue, which we consider equivalent to a general obligation pledge. Its maximum annual debt service (MADS) burden is average at 4.4% of fiscal 2024 adjusted operating expenses. HFU's debt schedule is front-loaded, with
