S&P Global Ratings raised its issuer credit rating (ICR) on the Colorado School of Mines Foundation (CSM Foundation) to 'A' from 'A-'. The outlook is stable. We base the upgrade on CSM Foundation's strong expendable resources to operations and good fundraising history and our view of the foundation's connectivity and support to the Colorado School of Mines (CSM). The ICR also reflects our view of the CSM Foundation's: Role as a supporting foundation that holds and invests the CSM endowment; Operating agreement that defines the terms of the relationship between the foundation and the school, its sole beneficiary; Minimal existing debt and no near-term debt plans; Continued progress on a large comprehensive capital campaign; and Expendable resources equal to a
