Oregon Facilities Authority University of Portland; Private Coll/Univ - General Obligation

S&P Global Ratings affirmed its 'A' long-term rating on the Oregon Facilities Authority's revenue bonds, issued for the University of Portland (UP). The outlook is stable. UP had $84 million of debt as of June 30, 2020 consisting of $82 million of fixed-rate long-term debt (series 2015A and 2015B bonds) and $2 million outstanding on the university's $15 million line of credit. All debt is secured by a general obligation of the university. While there remains uncertainty regarding the duration and extent of the COVID-19 pandemic, we believe UP has taken the steps necessary to ensure the safety of its students, faculty, and staff while also remaining financially responsible. In mid-March, the university transitioned to an online format and required

...S&P Global Ratings affirmed its 'A' long-term rating on the Oregon Facilities Authority's revenue bonds, issued for the University of Portland (UP). The outlook is stable. UP had $84 million of debt as of June 30, 2020 consisting of $82 million of fixed-rate long-term debt (series 2015A and 2015B bonds) and $2 million outstanding on the university's $15 million line of credit. All debt is secured by a general obligation of the university. While there remains uncertainty regarding the duration and extent of the COVID-19 pandemic, we believe UP has taken the steps necessary to ensure the safety of its students, faculty, and staff while also remaining financially responsible. In mid-March, the university transitioned to an online format and required all students, with the exception of those with extenuating circumstances, to move out of the residence halls. For students living on campus prior to the outbreak, UP issued prorated room and board refunds totaling approximately $5.5 million which...

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