S&P Global Ratings affirmed its 'BBB-' rating on Illinois Finance Authority 's series 2022 tax-exempt bonds, issued for Dominican University . The outlook is stable. All of Dominican's debt is a general obligation of the university. As of June 30, 2024, Dominican University had approximately $29 million in outstanding debt, consisting of the fixed-rate series 2022 bonds and $1.8 million in operating leases. The university?s maximum annual debt service (MADS) as of fiscal 2024 is 1.9%, which we view as manageable. As of June 30, 2024, approximately 20% of Dominican?s endowment was without donor restriction, which we view as moderate. We assessed Dominican University's enterprise risk profile as strong, characterized by significant enrollment growth over the last three years, offset
