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

S&P Global Ratings assigned its 'AA' long-term rating to University of Southern California's (USC or the university) $500 million series 2023 taxable revenue bonds. S&P Global Ratings also affirmed its 'AA' long-term rating on USC's revenue bonds outstanding. The outlook is stable. The bonds are secured by a general obligation of the university. Total outstanding debt as of fiscal 2022 was $2.7 billion, including operating and financing leases. Pro forma debt including the series 2023 bonds is $3.2 billion. Currently, USC does not have plans to issue additional debt; however, we understand management continues to evaluate financing options for the capital plan. Debt service is uneven, with bullets and series 2011 and 2020A century bonds; however, when debt service is smoothed

...--Fiscal year ended June 30-- Medians for '##' category rated private colleges and universities 2023 2022 2021 2020 2019 2021 Cash and investments to debt (%) N.A. 336.5 380.6 328.1 436.4 540.7 Cash and investments to pro forma debt (%) N.A. 284.6 N.A. N.A. N.A. MNR Total adjusted operating revenue = unrestricted revenue less realized and unrealized gains/losses and financial aid. Total adjusted operating expense = unrestricted expense plus financial aid expense. Net operating margin = 100*(net adjusted operating income/adjusted operating expense). Student dependence = 100*(gross tuition revenue + auxiliary revenue) / adjusted operating revenue. Current MADS burden = 100*(maximum annual debt service expense/adjusted operating expenses). Cash and investments = cash + short-term and long-term investments. Average age of plant = accumulated depreciation/depreciation and amortization expense. N.A.--Not available. MNR--Median not reported. MADS--Maximum annual debt service....

Summary