Standard&Poor's Ratings Services assigned its 'A+' rating to the Board of Trustees of Southern Illinois University's $21.925 million medical facilities system revenue bonds, series 2005, issued for Southern Illinois University (SIU). Additionally, Standard&Poor's affirmed its 'A+' underlying rating (SPUR) on the board's outstanding debt, also issued for SIU. The rating reflects a broad tuition pledge that, while subordinate to SIU's outstanding auxiliary facilities system revenue bond pledge, has significant depth and is essentially equivalent to an unlimited student fee pledge. Other rating factors include the university's: Funding position within the state of Illinois' ('AA/Stable') system of higher education; Comprehensive course offerings, including medicine, law, engineering, and dental programs; Stable demand and enrollment; Adequate liquidity relative to
