...May 15, 2020 NEW YORK (S&P Global Ratings) May 15, 2020--S&P Global Ratings lowered its long-term rating on Northwestern University, Ill.'s revenue bonds to '##+' from '###' and lowered its dual rated issue ratings to '##+/A-1+' from '###/A-1+'. In addition, S&P Global Ratings affirmed its 'A-1+' short-term rating on the university's commercial paper (CP) notes. At the same time, S&P Global Ratings assigned its '##+' long-term rating to Northwestern's $302 million taxable fixed rate bonds, series 2020. As the proceeds from the series 2020 taxable fixed rate bonds are intended to redeem all of Northwestern's currently outstanding $300 million of CP the commercial paper rating will remain on the program; however, we expect no CP to be issued and outstanding for the near term. The outlook is stable. "The revised rating reflects Northwestern's softer overall financial results for fiscal 2018 and 2019, including supplemental endowment draws to achieve those results, and expected losses likely...
