Standard&Poor's Ratings Services assigned its 'AA+' long-term rating to the University of Southern California's (USC) bonds 2003 series A, B, and C bonds. The rating reflects: The size and breadth of USC's undergraduate and graduate programs and its status as the largest California private university, based on a current enrollment of 30,682 students; Ample liquidity and financial flexibility from expendable resources representing over 7x debt and 1x operations; Solid fundraising, highlighted by the completed (December 2002) capital campaign that raised $2.72 billion (since 1993); and An increasingly competitive demand profile with improved first-year selectivity and higher student quality. Offsetting factors include the possibility of more debt within the next few years, as capital plans call for more construction
