S&P Global Ratings affirmed its 'A+' long-term debt rating and issuer credit rating (ICR) on the University of Louisville Foundation Inc. (the foundation or ULF), Ky. The outlook is stable. ULF's outstanding series 2013 bonds are unsecured general obligations of ULF. ULF had about $30 million in outstanding debt as of fiscal-year 2023. Debt service payments are $2.6 million through 2043, and the bonds fully amortize in 2044. Maximum annual debt service (MADS) burden is about 3.2% of operating expenses in fiscal 2023, which we view as very manageable. An ICR reflects the obligor's general creditworthiness. The rating is not specific to a given debt issue as it does not consider the security and other credit and legal characteristics for
