Standard&Poor's Rating Services assigned its 'A-' long-term-rating to Illinois Finance Authority's series 2008 bonds, issued in the amount of $47.165 million, for DePaul University, Ill. At the same time, Standard&Poor's affirmed its 'A-' long-term rating on the authority's previously issued debt for the university. The 'A-' rating reflects the university's: Strong financial performance, with operating margins ranging from 7%-12% of adjusted operating expenses for the past four years; Good demand, with a 20% annual increase in freshman applications to more than 12,400 for fall 2007; and Growing liquidity, with unrestricted resources of $355 million representing 81% of adjusted operating expenses and 131% of pro forma debt. Offsetting factors include: Strong dependence on student-generated tuition and auxiliary
