Standard&Poor's Ratings Services assigned its 'AA' long-term rating to the Florida Board of Governors' series 2013 activity fee revenue bonds, issued on behalf of the University of Florida (UF). The outlook is stable. The series 2013 bonds are secured by a first lien on the revenues of the unlimited mandatory activity and service (A&S) fee charged to all on campus students on a per-credit hour basis. The 'AA' rating reflects our view of UF's stable demand profile, strong enterprise profile, and solid maximum annual debt service (MADS) coverage. The university has an extremely low debt burden (0.7%) and conservative debt structure. The university specifically, and higher education in Florida generally, has withstood multiple years of declining state operating
