S&P Global Ratings revised its outlook to stable from negative and affirmed its 'BBB-' rating on Missouri Southern State University's (MSSU or the university) existing auxiliary enterprise system revenue bonds. The outlook revision reflects the modest growth in total full-time enrollment coupled with expectations of continued stabilization and maintenance of demand metrics at current levels. Growth in balance sheet ratios further supports the stable outlook. As of June 30, 2023, the university recorded $60.6 million of existing outstanding debt. A pledge of auxiliary system revenues secures the bonds. We view the pledge as equivalent to an unlimited student-fee pledge. The auxiliary enterprise system consists of the following university facilities: residence life, the Billingsly Student Center and related operations, the Diane
