Summary: Oregon Facilities Authority University of Portland; Private Coll/Univ - General Obligation

S&P Global Ratings raised its long-term rating to 'A' from 'A-' on the Oregon Facilities Authority's revenue bonds, issued for the University of Portland. The outlook is stable. The rating change reflects our opinion of the university's consistently robust operating margin, which is expected to continue in the next couple of years. It also reflects our view of the materially improved available resources ratios (driven by a $32 million one-time bequest) in fiscal 2017 that are in line with the 'A' category medians and with those of 'A' rated peers. We expect the university's balance sheet to continue strengthening, given another material gift to be reflected in the fiscal 2018 results, the positive investments return, and the anticipated healthy operating

...S&P Global Ratings raised its long-term rating to 'A' from 'A-' on the Oregon Facilities Authority's revenue bonds, issued for the University of Portland. The outlook is stable. The rating change reflects our opinion of the university's consistently robust operating margin, which is expected to continue in the next couple of years. It also reflects our view of the materially improved available resources ratios (driven by a $32 million one-time bequest) in fiscal 2017 that are in line with the 'A' category medians and with those of 'A' rated peers. We expect the university's balance sheet to continue strengthening, given another material gift to be reflected in the fiscal 2018 results, the positive investments return, and the anticipated healthy operating performance. We assessed the University of Portland's enterprise profile as strong, characterized by stable to modestly growing enrollment with good geographic diversity, offset by a weakened but still sufficient selectivity rate and a...

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