Standard&Poor's Ratings Services assigned its 'AA+' long-term rating to the California Educational Facilities Authority's series 2007 revenue bonds, issued for the University of Southern California (USC). In addition, Standard&Poor's affirmed its 'AA+' rating on USC's outstanding debt. The rating reflects: The size and breadth of USC's undergraduate and graduate programs and its status as California's largest private university, based on a current headcount enrollment of 33,389, approximately half of which are undergraduates; Strong operational performance with a surplus of $107.3 million for fiscal 2006; Impressive fundraising on an annual basis, although more than five years have passed since the last comprehensive capital campaign; and An increasingly competitive demand profile with improved first-year selectivity and higher student
