Southern Illinois University Board of Trustees Southern Illinois University; Public Coll/Univ - Unlimited Student Fees

S&P Global Ratings raised its long-term rating and underlying rating (SPUR) to 'BBB-' from 'BB+' 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 as equivalent to an unlimited student-fee pledge and therefore rate them the same. The upgrade is based on the university's solid operations (despite the COVID-19 pandemic) and declining debt levels, which have resulted in steady improvement to balance sheet metrics. Total debt and capital leases as of June 30, 2020, equaled $213.6 million, all of which is fixed rate. In fiscal 2021, the university issued $49.1

...S&P Global Ratings raised its long-term rating and underlying rating (SPUR) to '###-' from '##+' 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 as equivalent to an unlimited student-fee pledge and therefore rate them the same. The upgrade is based on the university's solid operations (despite the COVID-19 pandemic) and declining debt levels, which have resulted in steady improvement to balance sheet metrics. Total debt and capital leases as of June 30, 2020, equaled $213.6 million, all of which is fixed rate. In fiscal 2021, the university issued $49.1 million in HAFS refunding bonds, which along with premium refunded $56 million in debt outstanding for debt service savings and budgetary relief. SIU also issued $12.1 million in refunding COPs. With the series 2021 issuances,...

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