Standard&Poor's Ratings Services has assigned its 'A' long-term rating to DePaul University (DePaul), Ill.'s, series 2015 taxable refunding bonds. At the same time, we affirmed our 'A' issuer credit rating (ICR) on DePaul and affirmed the ratings on the Illinois Financial Authority's series 2008, 2011A, and 2011B bonds, and series 2013 revenue bonds, issued for DePaul. The outlook is stable. Factors supporting the rating include DePaul's historically strong operating performance, good level of investment liquidity, and broad program offerings with adequate demand. We also consider DePaul's success under a recent campaign and rapid amortization of debt as credit strengths. Offsetting factors include DePaul's limited revenue diversity, strong competition for students with recent enrollment declines, and a modest endowment
