S&P Global Ratings assigned its 'AAA' long-term rating to the New Jersey Educational Facilities Authority 's $591.62 million series 2025A and $108.75 million series 2025B tax-exempt bonds issued for Princeton University (Princeton). The outlook is stable. Princeton's debt is a general obligation of the university. Based on fiscal year-end 2024 (June 30), the university had $5.0 billion of long-term debt (including a nominal amount of operating leases). The pro forma $6.1 billion figure in the data table reflects the recently issued series 2025 taxable bonds, the series 2025A and 2025B debt, and commercial paper outstanding. The series 2025A and 2025B bonds are expected to be multimodal bonds, with the series A bonds issued in the long-term mode at a fixed
