S&P Global Ratings affirmed its 'AA+' long-term rating and 'AA+/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 Northwestern's authorized $300 million commercial paper (CP) note program. The outlook is stable. Securing the bonds is a general obligation of Northwestern. As of Northwestern's latest audited fiscal year-ended Aug. 31, 2023, total debt outstanding was approximately $2.6 billion including operating leases of $156.4 million and no outstanding CP notes. We understand Northwestern may issue additional debt over the next two years for various capital projects; however, its board hasn't approved any specific debt issuance plans nor is the timing of any such issue known and as such any future debt
