S&P Global Ratings affirmed its 'A' long-term rating on the Oregon Facilities Authority's series 2015A and 2015B revenue bonds, issued for the University of Portland (UP). The outlook is stable. All debt is secured by a general obligation of the university. The university had $79.2 million of debt as of June 30, 2022, including the fixed-rate series 2015A and 2015B revenue bonds and a minimal amount of operating leases. The university reports that it does not have any additional debt plans during the outlook period. We assessed UP's enterprise risk profile as adequate, characterized by consistently solid retention and graduation rates, and good geographic diversity, offset by a very weak matriculation rate and declining enrollment in recent years. We assessed
