Standard&Poor's Ratings Services affirmed its 'BBB+' long-term rating on the Oregon Facilities Authority's series 2007A revenue bonds, issued for the University of Portland. The outlook is stable. The University of Portland, which is affiliated with the Roman Catholic Holy Cross order, continues to have steady enrollment growth and has posted operating surpluses during the past several years. Financial resources are adequate for the rating level. The university's current capital campaign has been successful, and its expected conclusion is in May 2014. We expect continued stability in both the enterprise and financial profiles. The rating reflects our view of the university's general obligation pledge, which is supported by: A track record of positive operations on an accrual basis; Continued
