S&P Global Ratings revised its long-term rating outlook to negative from stable on Iowa Higher Education Loan Authority's series 2021 private college facility revenue refunding bonds, issued for the University of Dubuque (UD). At the same time, we affirmed our 'BBB' rating on the 2021 bonds. The negative outlook reflects significant enrollment declines of over 10% the past two years and on-going operating challenges on a full accrual basis that are expected to continue given declining enrollment and the lack of federal funds in fiscal 2023 and beyond. As of fiscal year-end, May 31, 2022, UD had approximately $57 million in long-term debt, which includes about $16 million series 2021 bonds, $28 million of series 2016 direct-purchase bonds, and about
