S&P Global Ratings affirmed its 'BBB-' long-term rating on Wilkes University, Pa.'s series 2016A, 2016B, 2019, and 2021 revenue bonds. The outlook is stable. Total debt as of fiscal 2023 year-end was approximately $68.8 million and includes $65 million in series 2016A, 2016B, 2019, and 2021 fixed-rate bonds. Included in the total debt is $3.8 million in operating leases. All bonds are secured by a general obligation of the university. Wilkes has no plans for additional debt at this time. We assessed the university's enterprise risk profile as adequate, characterized by recent stabilization in enrollment and growing applications, which is expected to continue, offset by weak demand metrics. We assessed the university's financial risk profile as adequate, with consistent break-even
