Summary: University of Louisville Foundation Inc., Kentucky; Non-Profit Organizations

S&P Global Ratings has revised its outlook to negative from stable and affirmed its 'AA-' long-term debt rating and issuer credit rating (ICR) on University of Louisville Foundation (ULF), Ky. The negative outlook reflects our view that the foundation's available assets have declined, specifically its unrestricted net assets and expendable resources. As such, the foundation's corresponding ratios for available resources to operating expenses and debt have declined in each of the past four years. In our view, if this weakening continues, the rating would be pressured. ULF's rated bonds are unsecured general obligations of the foundation, backed by a guarantee from the foundation. Management reports that it has never had to pay out on a guarantee, and does not anticipate

...S&P Global Ratings has revised its outlook to negative from stable and affirmed its '##-' long-term debt rating and issuer credit rating (ICR) on University of Louisville Foundation (ULF), Ky. The negative outlook reflects our view that the foundation's available assets have declined, specifically its unrestricted net assets and expendable resources. As such, the foundation's corresponding ratios for available resources to operating expenses and debt have declined in each of the past four years. In our view, if this weakening continues, the rating would be pressured. ULF's rated bonds are unsecured general obligations of the foundation, backed by a guarantee from the foundation. Management reports that it has never had to pay out on a guarantee, and does not anticipate doing so on any current projects. ULF is organized under 501(c)(3) and operated exclusively as a supporting organization for the benefit of the University of Louisville (UL). The ratings reflect our view of ULF's connectivity...

Summary