Standard&Poor's Ratings Services affirmed its 'BBB+' rating on the Oregon Facilities Authority's revenue bonds series 2007A, issued for the University of Portland. The rating reflects our view of the university's general obligation pledge, supported by the university's: History of balanced operating performance since at least fiscal 2005, with similar results projected for the current 2011 fiscal year; Stable to slightly growing headcount and a growing application pool; Moderating debt burden of less than 5% of fiscal 2010 expenses and no immediate debt plans; and Solid regional niche as a Roman Catholic university. The preceding credit strengths are offset in part by our view of the university's: Adequate liquidity for the rating category at June 30, 2010, with expendable
