S&P Global Ratings raised its long-term rating and underlying rating (SPUR) to ?A+? from ?A? on the Iowa Board of Regents ' (BOR) various student fee-secured revenue bonds and dormitory revenue bonds, issued for University of Northern Iowa (UNI or the university). Similarly, we raised our rating on UNI's dormitory revenue bonds to ?A-? from 'BBB+'. The outlook on all issues is stable The upgrade reflects significant growth in the university?s financial resources over time in addition to improved operations and stable enrollment. The upgrade of the university?s dormitory revenue bonds largely reflects the upgrade of the university and expectations that coverage will remain adequate and sufficient for the two-notch differential from the university?s rating. We view UNI's various student
