Standard&Poor's Ratings Services affirmed its 'A+' long-term and underlying ratings (SPURs) on Southern Illinois University Board of Trustees' housing and auxiliary facilities system (HAFS) revenue bonds, certificates of participation (COPs), and medical facilities system bonds (MFS), issued on behalf of Southern Illinois University (SIU). The outlook is negative. The outlook was revised to negative on Jan. 15, 2010, for all rated Illinois (A+/Negative) public universities as a result of significantly delayed state operating appropriation payments. The rating reflects our assessment of the university's: Positive operating performance on a full accrual basis for the past three years, although fiscal 2010's operating surplus may be somewhat overstated because of significant expense cutting measures throughout the fiscal year; Stable demand and
