S&P Global Ratings raised its long-term rating to 'AA' from 'BBB-' on the University of Southern California's (USC) series 2018 USC Arcadia hospital bonds. S&P Global Ratings affirmed its 'AA' long-term rating on USC's general obligation bonds outstanding. The outlook is stable. The upgrade follows completion of a note substitution. The 'AA' rating on the series 2018 hospital bonds reflects a new master trust indenture (MTI), in which USC and USC Arcadia are now both members of the USC obligated group. A note substitution of all of USC Arcadia's rated debt outstanding has been finalized such that all of the USC Arcadia rated debt outstanding now constitutes a joint and several general obligation of USC and USC Arcadia. As a
