S&P Global Ratings affirmed its 'A' long-term rating and underlying rating (SPUR) on the University of Toledo (UToledo), Ohio's general receipts bonds outstanding. The outlook is stable. The university's general receipts bonds are secured by a pledge of tuition, auxiliary, and other general revenues, but that specifically excludes state operating appropriations and restricted revenue. We view this pledge as broad and equivalent to an unlimited student fee pledge. Total debt outstanding as of June 30, 2024, was $267.8 million, including $114.6 million of unlimited student fee bonds, $102.9 million of privately placed debt, $29.5 million of leases, $14.1 million of foundation debt, and $6.7 million of loans and notes. The university will likely issue additional debt within the next two-to-three
