...S&P Global Ratings affirmed its '##+' long-term rating and '##+/A-1+' dual rating on Northwestern University (Northwestern), 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, 2021, was approximately $2.7 billion including $100 million of CP. Future minimum lease payments under noncancelable operating leases through fiscal year-end 2021 totaled $165.6 million and are included in the preceding outstanding debt figure. During our outlook period of the next two years, the university does not currently have any new debt issuance plans. Northwestern like most colleges and universities beginning with fall quarter 2021, returned to in person status for the 2021 -2022 academic year after largely operating in remote or hybrid learning modalities since...
