Summary: Northwestern University, Illinois; CP; Private Coll/Univ - General Obligation

S&P Global Ratings affirmed its 'AA+' long-term rating and 'AA+/A-1+' dual rating on Northwestern University, Ill.'s revenue bonds. S&P Global Ratings also affirmed its 'A-1+' short-term rating on the university's commercial paper (CP) notes. The outlook is stable. Northwestern's obligation to pay bonds is a general obligation. The university's total debt outstanding as of its latest fiscal year ended Aug. 31, 2020, was approximately $2.5 billion. Our prior analysis of Northwestern on May 15, 2020, found that most of its line of credit draws subsequent to February 2020 were assumed to be defensive in nature related to COVID-19; as such, we are only treating $85 million of the $380 million that was outstanding as of fiscal year-end Aug. 31, 2020,

...S&P Global Ratings affirmed its '##+' long-term rating and '##+/A-1+' dual rating on Northwestern University, Ill.'s revenue bonds. S&P Global Ratings also affirmed its 'A-1+' short-term rating on the university's commercial paper (CP) notes. The outlook is stable. Northwestern's obligation to pay bonds is a general obligation. The university's total debt outstanding as of its latest fiscal year ended Aug. 31, 2020, was approximately $2.5 billion. Our prior analysis of Northwestern on May 15, 2020, found that most of its line of credit draws subsequent to February 2020 were assumed to be defensive in nature related to COVID-19; as such, we are only treating $85 million of the $380 million that was outstanding as of fiscal year-end Aug. 31, 2020, as debt. We understand that since Jan. 31, 2021, all bank lines have been fully repaid with no outstanding draws since that time. We understand that at March 31, 2021, $50 million of CP was outstanding. Future minimum lease payments under noncancelable...

Summary