Standard&Poor's Ratings Services affirmed its 'A+' long-term and underlying ratings (SPURs) on Southern Illinois University Board of Trustees' housing and auxiliary facilities system (HAFS) revenue bonds, certificates of participation (COPs), and medical facilities system bonds (MFS), issued on behalf of Southern Illinois University (SIU). The outlook is negative. The outlook was revised to negative on Jan. 15, 2010, for all rated Illinois (A+/Negative) public universities, including SIU, as a result of significantly delayed state operating appropriation payments. The rating reflects our assessment of the university's: Positive operating performance on a generally accepted accounting principles (GAAP) basis since fiscal 2007, with similar results expected in fiscal 2009; Comprehensive course offerings, including medicine, law, engineering, pharmacy, and dental programs; Stable
