NEW YORK (S&P Global Ratings) June 28, 2021--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," said S&P Global Ratings credit analyst Laura Macdonald. The rating reflects our view of SIU's: Comprehensive course offerings; Recent
