S&P Global Ratings affirmed its 'A+' rating on Massachusetts Development Finance Agency 's series R, S-1, and S-2 revenue bonds, issued for Brandeis University . The outlook is stable. Brandeis' general obligation (GO) pledge secures the bonds. As of June 30, 2024, debt outstanding was approximately $235.3 million, including public and private debt and lease liabilities. Brandeis? privately placed debt is subject to certain financial covenants, including a requirement that annual debt service coverage (DSC) remain above 1.2x, with acceleration as an available remedy in the event of a covenant violation. The university has remained well above this covenant at approximately 1.8x coverage in fiscal 2024, and we consider its liquidity sufficient to mitigate any acceleration risk. We understand management
