Standard&Poor's Ratings Services affirmed its 'BBB+' long-term rating on the Oregon Facilities Authority's revenue bonds series 2007A, issued for the University of Portland. The outlook is stable. The University of Portland, which is affiliated with the Roman Catholic Holy Cross order, has steadily grown enrollment and maintained operating surpluses during the past several years. Financial resources are adequate for the rating level. The university's capital campaign has been successful; the expected conclusion is in two years. The rating reflects our view of the university's general obligation pledge, which is supported by: History of positive operations on an accrual basis; Stable to slightly growing headcount and a growing application pool; Success with the current fund raising campaign (RISE); Moderating
