S&P Global Ratings affirmed its 'BBB+' long-term rating and underlying rating (SPUR) on Southern Illinois University (SIU) Board of Trustees' housing and auxiliary facilities system (HAFS) revenue bonds. S&P Global Ratings also affirmed its 'BBB+' long-term rating on university's outstanding certificates of participation (COPs). The outlook is stable. Total debt and leases as of June 30, 2022, equaled $223.7 million, all of which is fixed rate. With the series 2022A issuances and 2012B-1 refunding, pro forma debt outstanding was $236.8 million (or $220.6 million net of fiscal 2023's principal payments). The university's outstanding lease obligations totaled $55.6 million for fiscal 2022. We view the HAFS bonds and COPS security pledges as equivalent to an unlimited student-fee pledge and therefore rate
