S&P Global Ratings affirmed its 'BBB' long-term rating on the Iowa Higher Education Loan Authority's series 2021 private college facility revenue refunding bonds, issued for the University of Dubuque (UD). The outlook remains negative. The series 2021 bonds are a general obligation of the university, with a gross revenue pledge and negative-lien pledge. As of fiscal year-end May 31, 2023, UD had approximately $56 million in long-term debt, including about $15 million of series 2021 bonds, $27 million of series 2016 direct-purchase bonds, and about $13 million in operating leases outstanding. In conjunction with the series 2021 financing, the university granted the series 2016 bondholder the gross revenue pledge, with the series 2016 and 2021 bonds on parity. The series 2016
