Summary: University of Southern California; Private Coll/Univ - General Obligation

S&P Global Ratings assigned its 'AA' long-term rating to the University of Southern California's (USC or the university) $320 million series 2020A and $310 million series 2020B taxable bonds. In addition, we affirmed our 'AA' long-term rating and underlying rating (SPUR) on USC's debt outstanding. The outlook is stable. We assessed USC's enterprise profile as extremely strong, characterized by robust demand for both undergraduate and graduate programs, as well as increasing selectivity and matriculation rates and a healthy retention rate. We assessed USC's financial profile as strong, characterized by a moderate debt burden and good financial policies and practices, offset by recent declines in operating performance and modest available resource metrics for the rating which have been pressured by significant

...S&P Global Ratings assigned its '##' long-term rating to the University of Southern California's (USC or the university) $320 million series 2020A and $310 million series 2020B taxable bonds. In addition, we affirmed our '##' long-term rating and underlying rating (SPUR) on USC's debt outstanding. The outlook is stable. We assessed USC's enterprise profile as extremely strong, characterized by robust demand for both undergraduate and graduate programs, as well as increasing selectivity and matriculation rates and a healthy retention rate. We assessed USC's financial profile as strong, characterized by a moderate debt burden and good financial policies and practices, offset by recent declines in operating performance and modest available resource metrics for the rating which have been pressured by significant legal liabilities. We believe these combined credit factors lead to an indicative stand-alone credit profile of '##-'. As our criteria indicate, the final rating can be within one notch...

Summary