S&P Global Ratings lowered its long-term rating on Northwestern University, Ill.'s revenue bonds to 'AA+' from 'AAA' and lowered its dual rated issue ratings to 'AA+/A-1+' from 'AAA/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 'AA+' 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
