S&P Global Ratings affirmed its 'AAA' long-term rating on Illinois Educational Facilities Authority, Ill.'s existing revenue bonds and its 'A-1+' short-term rating on Northwestern's existing commercial paper (CP) notes. The outlook on all ratings is stable. We assessed the university's enterprise profile as extremely strong, which reflects its exceptional demand and enrollment profile, as well as its solid management team. We assessed the university's financial profile as very strong, characterized by its track record of strong full-accrual operating performance and effective financial management policies. Combined, we believe these credit factors lead to an indicative stand-alone credit profile of 'aa+'. Based on our criteria, the final rating can be within one notch of the indicative credit level. In our opinion, the
