S&P Global Ratings affirmed its 'A-' rating on the Philadelphia Authority for Industrial Development, Pa.'s taxable series 2022 and tax-exempt series 2023 university revenue bonds, issued on behalf of Holy Family University (HFU). At the same time, S&P Global Ratings affirmed its 'A-' issuer credit rating (ICR) on HFU. An ICR reflects the obligor's general creditworthiness. The outlook remains stable. As of fiscal 2022, HFU had approximately $28.0 million in outstanding debt. Following the issuance of the series 2022 and series 2023 bonds, total pro forma debt measured $31.6 million. The university's bonds are secured by a pledge of gross revenues, which we consider equivalent to a general obligation pledge. The university's pro forma maximum annual debt service burden is
