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 rating reflects our view of the university's general obligation pledge, which is supported by the university's: Track record of balanced operations; Stable to slightly growing headcount and a growing application pool; Moderating debt burden of less than 4% of fiscal 2011 expenses and no immediate debt plans; and Solid regional niche as a Roman Catholic university. The preceding credit strengths are partly offset by our view of the university's: Adequate financial strength for the rating category at June 30, 2011, with expendable resources equal to 85% of outstanding debt and 42% of operating expenses;
