S&P Global Ratings Services assigned its 'SP-1' short-term rating to Iowa Higher Education Loan Authority's series 2018 A revenue anticipation notes (RANs) issued for Dubuque University (UD) as one of the participants in the authority's Private Education Working Capital Loan Program. We have not been asked to rate the other note participants. The notes are issued for various private higher education institutions, which are all nonprofit 501(c) 3 corporations in Iowa. Proceeds of the notes will provide funds for the authority to make individual loans to each institution. Each series of notes is separately secured by the full faith and credit pledge of that specific participating institution and payable from payments received by the authority from each institution under separate
