The rating on University of Southern California's bonds 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 28,739 students; Ample liquidity and financial flexibility characterized by expendable resources representing over 5 times (x) debt and 1x operations; Solid fundraising highlighted by the receipt of three private gifts of over $100 million and a successful capital campaign, which has surpassed $1.5 billion; An increasingly competitive demand profile with improved freshmen selectivity, higher student quality, and a diversifying geographic draw; and Experienced leadership, which has developed a manageable capital plan and utilizes a comprehensive liability management program that limits additional debt to moderate levels. Other
