The 'A+' rating on the Board of Trustees of Southern Illinois University's $40.59 million housing and auxiliary facilities system revenue bonds, series 2004A, issued for Southern Illinois University (SIU), reflects the university's: Broad unlimited student fee pledge; Funding position within the State of Illinois' ('AA/Negative') system of higher education; Comprehensive course offerings, including medicine, law, engineering, and dental programs; Stable demand and enrollment; Adequate liquidity relative to pro forma debt, with preliminary 2004 adjusted unrestricted net assets equal to 40% of post-issuance debt; and Low debt burden of less than 3% of expenses. Offsetting factors include: A limiting state appropriation environment, due to state budget stress and relatively high reliance on both direct and in-kind state operating subsidies (44% of
