S&P Global Ratings affirmed its 'AA-' long-term rating on the Massachusetts Development Finance Agency 's various revenue bonds issued on behalf of Tufts University . The outlook is stable. Tufts' outstanding debt is a general obligation of the university. As of fiscal 2024, Tufts had $979.0 million in debt, of which approximately $36.0 million is leases. When debt service, including century bonds, is smoothed over 30 years, maximum annual debt service (MADS) is 6.1% of fiscal 2024 operating expenses, which we consider moderate. This summer, Tufts will enter into a contingent lease agreement with PRG Medford Properties Inc. for a 664-bed student housing project located on the university's campus. While PRG Medford Properties Inc.'s 2025 bonds are secured by project
