...S&P Global Ratings has affirmed its 'A+' long-term debt rating and issuer credit rating (ICR) on the University of Louisville Foundation Inc. (ULF), Ky. The outlook is stable. ULF's rated bonds are unsecured general obligations of ULF, backed by a guarantee from ULF. ULF is organized under 501(c)(3) and operates exclusively as a supporting organization for the University of Louisville (UL). We base the 'A+' long-term rating and ICR on our view of ULF's underlying credit strength and irrevocable guarantees, including its: + Strong institutional and administrative ties among ULF, UL Athletic Assn. (ULAA), ULREF, and UL; + Adequate long-term investments, with cash and investments of $705.4 million as of June 30, 2019; + Prudent management of investments, along with a recent change in investment managers with appointed Prime Buchholz as ULFs Outsourced Chief Investments Officer (OCIO) along with a diversified investment portfolio, and sufficient immediate and short-term liquidity; + Adequate...
