Standard&Poor's Ratings Services assigned its 'AA+' long-term rating to the California Educational Facilities Authority's $200 million series 2009B revenue bonds, issued on behalf of the University of Southern California (USC). In addition, Standard&Poor's affirmed its 'AA+' long-term rating and underlying rating (SPUR) on USC's outstanding debt. The outlook is negative. Positive long term credit factors, in our view, include: The size and breadth of USC's undergraduate and graduate programs as well as the school's status as California's largest private university, with a headcount enrollment of 33,747 for fall 2008; Consistently strong operational performance, with a surplus of $55.3 million for fiscal 2008; A history of impressive fundraising; and An increasingly competitive demand profile, with improved first-year
