S&P Global Ratings affirmed its 'BBB-' rating on Missouri Southern State University's (MSSU) existing auxiliary enterprise system revenue bonds. The outlook, where applicable, remains negative. As of June 30, 2021, the university recorded $62.1 million of existing outstanding debt. A pledge of auxiliary system revenues secures the bonds. We view the pledge as equivalent to an unlimited student-fee pledge. The auxiliary enterprise system consists of the following university facilities: residence life, the Billingsly Student Center and related operations, the Diane Mayes Student Life Center, and the bookstore. These student fees include residence hall fees, student union fees, bookstore revenue, and a $150 per student per semester recreation center fee that the university enacted in fall 2008. The university issued series
