S&P Global Ratings affirmed its 'A+' rating on the Philadelphia Authority for Industrial Development , Pa.'s series 2011 revenue bonds, issued for the American College of Physicians (ACP). The outlook is stable. ACP's bonds are secured by the organization's general obligation pledge. ACP has approximately $10 million of debt outstanding as of June 30, 2024 (the latest audited year), including bonds and operating lease liability. Maximum annual debt service (MADS), including operating lease payments, equals $3 million, or 3.8% of fiscal 2024 operating expenses, which we consider manageable. We understand ACP does not currently have any additional debt plans within the two-year outlook period. The rating reflects our view of ACP's niche position as the largest medical specialty society in
