...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. At the same time, S&P Global Ratings assigned its '###+' rating to the university's $41.2 million series 2022A HAFS bonds. We view the HAFS bonds and COPS security pledges as equivalent to an unlimited student-fee pledge and therefore rate them the same. The upgrade is based on the state's improved financial position, which has resulted in the state rating being raised. The upgrade is also based on SIU's stabilizing enrollment trend and the university's solid operations (despite the COVID-19 pandemic). In addition to these improvements, SIU benefits from low overall debt levels even with the current borrowing, as evidenced by strong resources relative to debt and a low debt...
