...S&P Global Ratings has revised its outlook to stable from negative and affirmed its 'A+' long-term debt rating and issuer credit rating (ICR) on the University of Louisville Foundation Inc. (ULF), Ky. The outlook revision reflects our view that ULF management has taken significant steps to restore confidence in governance and improve financial transparency following a forensic audit in 2017 that revealed issues. We believe that management's actions have improved financial transparency and governance, and improved financial operations by reducing expenses significantly. In our opinion, there was significant management and board turnover couple of years ago that seems to have stabilized. The 2017 forensic investigation of ULF's transactions and activities from fiscal years 2014-2016 had affected confidence in the foundation's historical financial transparency, and hindered both foundation gifts and overall fundraising at the university. At the same time, several of ULF's key financial metrics...
