...S&P Global Ratings affirmed its 'A-' long-term rating on the Oregon Facilities Authority's revenue bonds, issued for the University of Portland. The outlook is stable. We assessed the University of Portland's enterprise profile as strong characterized by steady enrollment growth supported by solid demand with good geographic diversity. The university also has solid fundraising support with the recent completion of a comprehensive campaign. The enterprise profile is balanced by competition for students with a modest matriculation rate. We assessed the financial profile as strong with solid operating margins supported by robust net tuition revenue growth and available resources that are sufficient for the rating category. Combined, we believe these credit factors lead to an indicative stand-alone credit profile of 'a'. In our opinion, the final rating of 'A-' on the bonds better reflects the university's available resources relative to the rating category compared with medians and peers and...
