S&P Global Ratings affirmed its 'A-1+' short-term rating on Northwestern University, Ill.'s commercial paper (CP) note program, with authorization increased to $600 million from $300 million and CP notes now permitted to be issued in both taxable and tax-exempt form. S&P Global Ratings' long-term rating on Northwestern University is 'AA+' with a stable outlook. CP notes issued under the program are general obligations of Northwestern University. As of Northwestern's latest audited fiscal year-end Aug. 31, 2023, total debt outstanding is approximately $2.6 billion, including operating leases of $156.4 million and no outstanding CP notes. For information pertaining to our long-term and dual rating on Northwestern, please see our full analysis, published June 6, 2024. We understand Northwestern may issue additional
