Standard&Poor's Ratings Services assigned its 'A+' rating to the Southern Illinois University Board of Trustees' $31.65 million housing and auxiliary facilities system (HAFS) revenue bonds, series 2008A, issued on behalf of Southern Illinois University (SIU). Additionally, Standard&Poor's affirmed its 'A+' underlying rating (SPUR) on the university's outstanding debt. The rating reflects the university's: Funding support from the state of Illinois ('AA/Stable'); Comprehensive course offerings, including medicine, law, engineering, pharmacy, and dental programs; Stable demand and enrollment; Consistently balanced operations on a cash basis; and Low overall debt burden of 3% of expenses and the self-supporting nature of the two auxiliary pledges. Offsetting factors include: A limiting state appropriation environment, due to state budget stress, and a
