S&P Global Ratings assigned its 'AA+' long-term rating to Northwestern University, Ill.'s series 2025 taxable fixed-rate bonds. At the same time, S&P Global Ratings affirmed its 'AA+' long-term rating and 'AA+/A-1+' dual rating on Northwestern's revenue bonds outstanding. S&P Global Ratings also affirmed its 'A-1+' short-term rating on Northwestern's authorized $600 million commercial paper (CP) note program. The outlook, where applicable, is stable. All debt is secured by a general obligation of the university. As of Northwestern's latest audited fiscal year-ended Aug. 31, 2024, total debt outstanding was approximately $2.6 billion including operating leases of $159.2 million and no outstanding CP notes. With issuance of up to $500 million series 2025 taxable fixed-rate bonds, total pro forma debt is estimated
