S&P Global Ratings affirmed its 'AA-' rating on University of North Carolina Board of Governors' revenue debt outstanding, issued for East Carolina University, N.C. (ECU). The outlook is stable. As of June 30, 2023, ECU had $392 million in debt outstanding, which includes foundation debt of $4 million, $336 million in bonds, and approximately $50 million in leases and subscription-based information technology agreements (SBITA). Of the $336 million in bonds, $14.5 million is direct-placement issuances, which are on parity with the public debt, with no acceleration risk or contingent liability risk. In 2022, ECU entered into a forward delivery bond agreement with a bank to deliver $11.2 million in refunding bonds, which were delivered on July 12, 2023, to refund
