...S&P Global Ratings has assigned its '###' long-term rating to Northwestern University (Northwestern), Ill.'s series 2017 taxable fixed-rate bonds. At the same time, S&P Global affirmed its '###' and '###/A-1+' ratings on Northwestern's existing revenue bonds, and its 'A-1+' short-term rating on the university's existing commercial paper (CP) notes. The outlook on all long-term ratings is stable. We assessed the university's enterprise profile as extremely strong, which reflects its exceptional demand and enrollment profile, as well as its solid management team, with excellent strategic planning and governance. We assessed the university's financial profile as very strong, characterized by its record of strong full-accrual operating performance and effective financial management policies. Combined, we believe these credit factors lead to an indicative stand-alone credit profile of '##+'. Based on our criteria, the final rating can be within one notch of the indicative credit level. In our...
