S&P Global Ratings affirmed its 'A' underlying rating (SPUR) and long-term rating on the University of North Alabama's (UNA) general fee revenue bonds. The outlook is stable. The bonds are secured by a pledge of general fees, which include all fees and charges for students enrolled at the university, including tuition and special course, registration, laboratory, and out-of-state fees. We view this as a broad pledge and consider it an unlimited student fee pledge. Debt outstanding as of fiscal 2023 was about $116 million, including $111 million in bonds and $5 million in subscription-based information technology arrangements. The total debt calculation includes a private placement obligation of $6.7 million to finance a portion of the costs for a nursing and
