S&P Global Ratings revised its outlook to negative from stable and 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 negative outlook is based on the consistent declines in enrollment that have resulted in growing operating deficits that are expected to continue over the outlook period, coupled with weakening financial resources the past three years. All debt is secured by a general obligation of the university. The university had $74.8 million of debt as of June 30, 2024, including the fixed-rate series 2015A and 2015B revenue bonds and a minimal amount of operating leases. The university reports that it is considering additional debt plans, including
