S&P Global Ratings revised its outlook to negative from stable and affirmed its 'A-' long-term rating on the Ohio Higher Educational Facility Commission 's series 2019 facility revenue bonds issued for Ohio Wesleyan University (OWU). The negative outlook reflects our view of weakened operations in fiscal 2024 resulting in a debt service coverage violation on a small, privately placed, unrated bond issue, for which the university received a waiver, and expectation of another full-accrual deficit in fiscal 2025. Securing the 2019 bonds is a general obligation of the university. The debt service on the bonds is paid under a lease agreement between the commission and the university. As of fiscal year-end June 30, 2024, OWU had $61.5 million of debt
