S&P Global Ratings affirmed its 'AA' long-term rating on Wake Forest University, N.C.'s (WFU, or the university) series 2021, 2018, 2016, and 2012 educational facilities revenue bonds. The outlook is stable. All bonds are secured by a general obligation of the university. Wake Forest University Health Sciences is not obligated, nor are its assets pledged for the repayment of university debt. Consequently, our calculations are based only on the operations and balance sheet of the main campus (Reynolda Campus). Total debt outstanding as of fiscal 2023 was $585 million, including about $50 million on a line of credit and $22 million in leases. We understand that the university does not currently have additional debt plans. We assessed WFU's enterprise risk
