S&P Global Ratings affirmed its 'AA' rating, with a stable outlook, on California Educational Facilities Authority's and California Infrastructure&Economic Development Bank's revenue debt, issued for University of Southern California (USC), and USC's revenue debt, issued for itself. We assessed USC's enterprise profile as extremely strong, characterized by increasing selectivity and healthy retention and matriculation rates, as well as a history of successful fundraising. We also assessed USC's financial profile as strong, characterized by sound operating performance and available resources and moderate debt. Combined, we believe these credit factors led to an indicative standalone credit profile of 'aa-'. As our criteria indicate, the final rating can be within one notch of the indicative credit level. In our opinion, the
