Summary: Illinois Finance Authority DePaul University; Private Coll/Univ - General Obligation

S&P Global Ratings affirmed its 'A' issuer credit rating (ICR) and long-term rating on Illinois Finance Authority's revenue and revenue refunding bonds for DePaul University, Ill. The outlook on the ICR and all rated issues is stable. DePaul's outstanding debt s at fiscal year end June 30, 2019, totaled $287.2 million inclusive of $6.8 million of notes payable. Total debt included $29.4 million of direct purchase debt outstanding that was utilized to refund its series 2008 bonds in 2018. In August 2020 DePaul entered into a forward purchase agreement with a financial institution to issue a $24.7 million series 2021 direct placement obligation in March 2021 that will enable the university to refund its tax-exempt series 2011B bonds at that

...S&P Global Ratings affirmed its 'A' issuer credit rating (ICR) and long-term rating on Illinois Finance Authority's revenue and revenue refunding bonds for DePaul University, Ill. The outlook on the ICR and all rated issues is stable. DePaul's outstanding debt s at fiscal year end June 30, 2019, totaled $287.2 million inclusive of $6.8 million of notes payable. Total debt included $29.4 million of direct purchase debt outstanding that was utilized to refund its series 2008 bonds in 2018. In August 2020 DePaul entered into a forward purchase agreement with a financial institution to issue a $24.7 million series 2021 direct placement obligation in March 2021 that will enable the university to refund its tax-exempt series 2011B bonds at that time. While DePaul's existing direct placement obligation contains certain events of default that could trigger an acceleration of its debt, in our view the risk associated with potential debt acceleration is mitigated by the university's excellent liquidity...

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