Standard&Poor's Rating Services revised its outlook to positive from stable on the Illinois Finance Authority's series 2008 revenue bonds, issued on behalf of DePaul University. Standard&Poor's also revised its outlook on DePaul's issuer credit rating (ICR) to positive from stable. The outlook change is based on the university's very strong operating performance and limited additional debt plans. We also assigned our 'A-' rating and positive outlook to the Illinois Finance Authority series 2011A revenue bonds and series 2011B revenue refunding bonds, also issued on behalf of DePaul University. The rating reflects our view of the university's: Very strong financial performance, with operating margins ranging from 8% to 12% of adjusted operating expenses for at least the
