S&P Global Ratings affirmed its 'BB+' long-term and underlying ratings (SPURs) on Southern Illinois University Board of Trustees' housing and auxiliary facilities system (HAFS) revenue bonds, and certificates of participation (COPs), issued for Southern Illinois University (SIU). The outlook remains negative. We view the HAFS and COPS bond security pledges equivalent to an unlimited student-fee pledge and therefore rate them the same. Total debt as of June 30, 2019, equaled $229.2 million, all of which is fixed rate. The university has no plans to issue additional debt during our outlook period. While there is a high level of uncertainty regarding the duration and extent of the effects of the COVID-19 outbreak, we believe that Southern Illinois University has taken prudent
