S&P Global Ratings lowered its long-term and underlying ratings (SPURs) to 'BBB+' from 'A' and assigned a negative outlook on Southern Illinois University Board of Trustees' housing and auxiliary facilities system (HAFS) revenue bonds, and certificates of participation (COPs), issued for Southern Illinois University (SIU). We view the HAFS and COPS bond security pledges equivalent to an unlimited student-fee pledge and therefore rated the same. We assessed SIU's enterprise profile as strong characterized by its large enrollment base and generally stable demand characteristics despite recent fluctuations. We assessed SIU's financial profile as adequate with an above-average endowment size, highly liquid investments, low debt burden and moderate available resources. Combined, we believe these credit factors lead to an indicative standalone credit
