S&P Global Ratings affirmed its 'AA+' long-term rating to the Florida Board of Governors ' (BOG) outstanding student activity fee revenue bonds outstanding, issued for the University of Florida (UF). We also affirmed our 'AA' rating on the BOG's research revenue bonds (issued for UF) and our 'AA-' rating on UF's outstanding dormitory and parking facility revenue bonds. The outlook is positive. We view the security on the student activity bonds as an unlimited student fee (USF)-equivalent pledge because these bonds are secured by a student activity fee charged to all on-campus university students on a per-credit hour basis (some online students are exempt from the fee; however, these students make up a small percentage of overall enrollment). Therefore, these
