The 'BBB+' rating and 'BBB+' Standard&Poor's underlying rating (SPUR) on Multnomah County, Ore.'s outstanding bonds, issued for University of Portland, reflects the university's GO pledge supported by: Growing headcount enrollment and improving demand; A long history of balanced operating performance; and Adequate levels of liquidity. Offsetting rating factors include a high and rising tuition discount rate and financial aid expenses, and a moderately levels of debt. Located on a 92-acre campus eight miles from downtown Portland, the university enrolled 3,263 students for fall 2003, up nearly 20% since five years earlier. The university was founded by Reverend Alexander Christie, Archbishop of Portland in 1901, and is still run by the Roman Catholics. Nearly all students (95%) are full-time
