...S&P Global Ratings affirmed its '##+' long-term and underlying ratings (SPURs) 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). The outlook is stable. We view the HAFS and COPS bond security pledges equivalent to an unlimited student-fee pledge and therefore rate them the same. We assessed SIU's enterprise profile as adequate characterized by a large enrollment base that has experienced material declines in each of the last two years, with expectations for declines to persist over the near term, offset somewhat by generally stable demand characteristics. We also view the recent change in senior leadership, specifically related to SIU's former president voluntarily separating from the university amid controversy across the university system, as significant and potentially disruptive from a governance standpoint. We assessed SIU's financial...
