S&P Global Ratings affirmed its'BBB'long-term rating on the Virginia College Building Authority's series 2021 and series 2025 educational facilities revenue bonds, issued for Regent University (Regent). The outlook is stable. Regent's series 2021 and 2025 bonds are fixed rate and secured by a general obligation of the university. Total debt as of June 30, 2026, was approximately $108.7 million, consisting of the 2021 and 2025 bonds. Regent has no lease obligations or direct placement debt. In addition, management has no near-term plans for additional debt. The maximum annual debt service (MADS) burden is equal to 4.1% of fiscal 2026 adjusted operating expenses. The university reported about $81.4 million in unrestricted financial assets available within one year and
