S&P Global Ratings affirmed its'A'rating on Upland , Indiana's series 2021 economic development revenue bonds, issued for Taylor University (TU), and its'A'rating on Indiana Finance Authority ’s series 2025 educational facilities revenue bonds, issued for TU. The outlook is stable. TU's general obligation (GO) pledge secures the bonds. As of May 31, 2026 (the latest audited year), debt outstanding was approximately $71.8 million, including the bonds and lease liabilities. Maximum annual debt service, including lease liabilities, equals approximately $5.2 million, or 3.2% of fiscal 2026 operating expenses, which we consider manageable. The debt service schedule is fairly flat after the two anticipated years of elevated operating lease expenses, and the bond terms do not include any
