S&P Global Ratings affirmed its 'BBB' long-term rating on the series 2021 educational facilities revenue bonds issued by Virginia College Building Authority for Regent University, Va. The outlook is stable. All of Regent's debt is fixed rate and secured by a general obligation of the university. Total debt as of June 30, 2023, was approximately $69.3 million, which included a minimal amount of operating leases. Maximum annual debt service (MADS) was manageable, in our view, at 3.3% of adjusted operating expenses in fiscal 2023. Regent has no confirmed debt plans for the two-year outlook period. We assessed Regent's enterprise risk profile as strong, characterized by relatively stable enrollment in the last few years, decent student quality, and above-average freshman selectivity
