NEW YORK (S&P Global Ratings) July 6, 2016--S&P Global Ratings lowered its long-term and underlying ratings (SPURs) two notches to 'BBB+' from 'A' 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 negative. We view the HAFS and COPS bond security pledges equivalent to an unlimited student-fee pledge and therefore rated the same. We assessed SIU's enterprise profile as strong, characterized by its large enrollment base and generally stable demand characteristics despite recent fluctuations. We assessed SIU's financial profile as adequate with an above-average endowment size, highly liquid investments, low debt burden and moderate available resources. Combined, we believe these
