S&P Global Ratings affirmed its'A'long-term rating on Seattle University (SU), Washington’s bonds outstanding. The outlook is stable. The university's bonds are secured by a broad pledge of unrestricted revenues, gains, and other support, which we consider equivalent to a general obligation pledge. As of June 30, 2026, SU had $157.3 million in debt outstanding, including $23.6 million of operating leases and $3.6 million of variable-rate debt. The university’s maximum annual debt service (MADS) is 3.3% of fiscal 2026 adjusted operating expenses, which we consider low. SU could issue a small amount of additional debt within the two-year outlook period to support software updates. The rating reflects our view of SU's enterprise risk profile as strong, characterized by relatively
