S&P Global Ratings revised its outlook to stable from negative and affirmed its 'AA' long-term rating on University of Southern California's (USC or the university) revenue bonds. The outlook revision reflects expendable resources that are improving, and are expected to continue to improve with solid operating margins and fundraising. Further, the outlook revision reflects the final resolution of payments in fiscal 2022 of prior legal settlements. The bonds are secured by a general obligation of the university. Total outstanding debt as of fiscal 2022 was $2.7 billion, including operating and capital leases. Currently, USC does not have plans to issue additional debt; however, we understand management is evaluating financing options for the five-year capital plan. We assessed USC's enterprise profile
