S&P Global Ratings affirmed its 'A' issuer credit rating (ICR) and long-term rating on the Illinois Finance Authority's revenue and revenue refunding bonds, issued for DePaul University. The outlook on the ICR and all rated issues is stable. DePaul's outstanding debt at fiscal year-end June 30, 2022, totaled $288.5 million including $48.3 million of operating leases and $1.6 million of capital leases. Total debt also includes $21.6 million of direct-purchase debt outstanding that was used to refund its series 2008 bonds that was placed with Wintrust Bank in 2018. DePaul's bonds are secured by a general obligation pledge of the university. We understand it does not currently intend to issue additional (new-money) debt during the outlook period. We assessed DePaul's
