S&P Global Ratings affirmed its 'BBB+' long-term rating on the Illinois Finance Authority 's series 2017C, 2021A, and 2024 revenue and refunding bonds, issued for Bradley University (Bradley). The outlook is stable. Bradley's debt is secured by a general obligation of the university. None of the university's buildings or property are mortgaged or pledged as security for its obligations under the loan agreement. There is no debt service reserve fund securing the bonds. As of June 30, 2024, the university had a total of $128.7 million in debt outstanding including bonds and $2.4 million in leases. Maximum annual debt service (MADS) occurs in fiscal 2025 and is about $9.7 million, or 4.1% of fiscal 2024 adjusted operating expenses, which we
