Summary: Iowa Higher Education Loan Authority University of Dubuque; Note; Private Coll/Univ - General Obligation

S&P Global Ratings lowered its long-term rating on the Iowa Higher Education Loan Authority's revenue refunding bonds outstanding, issued for the University of Dubuque, to 'BBB-' from 'BBB'. At the same time, S&P Global Ratings assigned its 'BBB-' long-term rating to the authority's series 2025 private college facility revenue refunding bonds, issued for UD. S&P Global Ratings also affirmed its 'SP-1' short-term rating on the university's 2024 revenue anticipation notes (RANs). The outlook is stable. The downgrade reflects our view of UD's continued enrollment declines and limited flexibility within its demand profile due to its smaller enrollment size, decreasing applications, and weak first-year selectivity. The downgrade also reflects our view of the risk associated with significant additional debt and a high

...+ S&P Global Ratings lowered its long-term rating on the Iowa Higher Education Loan Authority's revenue refunding bonds outstanding, issued for the University of Dubuque, to '###-' from '###'. + At the same time, S&P Global Ratings assigned its '###-' long-term rating to the authority's series 2025 private college facility revenue refunding bonds, issued for UD. + S&P Global Ratings also affirmed its 'SP-1' short-term rating on the university's 2024 revenue anticipation notes (RANs). + The outlook is stable. + The downgrade reflects our view of UD's continued enrollment declines and limited flexibility within its demand profile due to its smaller enrollment size, decreasing applications, and weak first-year selectivity. The downgrade also reflects our view of the risk associated with significant additional debt and a high pro forma debt burden, which we view as more consistent with the lower rating....

Summary