...Standard & Poor's Ratings Services assigned its '###' long-term rating to Northwestern University, Ill.'s approximately $500 million series 2015 taxable fixed-rate bonds and its approximately $116 million series 2015 tax-exempt fixed-rate bonds. At the same time, Standard & Poor's affirmed its '###' long-term rating on the university'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. The '###' rating reflects our view of Northwestern's exceptional demand and enrollment profile, coupled with its track record of strong full-accrual operating performance. As a result of healthy cash flow, investment returns, and successful fundraising, financial resources have continued to rise, which we view as important given the university's significant growth in total pro forma debt to $1.8 billion, after this issuance. We expect that financial resources will continue to grow in fiscal 2015. In our view,...
