The 'BBB+' rating on Multnomah County, Ore.'s outstanding bonds, issued for University of Portland, reflects the university's GO pledge, supported by: A history of balanced operating performance with more than $2 million in operating surpluses in fiscal years 2005 and 2006; Stable headcount and a growing application pool; Good and growing levels of liquidity with unrestricted resources equal to 51% of operating expenses and a stronger 1.4x of debt. Growing endowment ($95 million) with a more conservative spending policy of 4.7% adopted for fiscal 2007. Offsetting rating factors include a high and rising tuition discount rate (45%) and financial aid expenses, modest fundraising, and the potential for additional debt issuance. Currently, the university has $36.6 million of debt. Its debt
