S&P Global Ratings raised its long-term rating to 'BBB' from 'BBB-' on the existing bonds of Regent University, Va. The outlook is stable. The rating upgrade reflects our view of Regent's significant enrollment growth, healthy operating surpluses (along with zero endowment draws), and material growth in available resources in the last couple of years. All of Regent's debt is fixed rate and secured by a general obligation of the university. Total debt as of June 30, 2022 was approximately $71.2 million, which included a minimal amount of operating leases at $630,000. Maximum annual debt service (MADS) was manageable, in our view, at 3.4% of adjusted operating expenses in fiscal 2022. Regent has no confirmed debt plans in the two-year outlook
