Summary: Washington Higher Education Facilities Authority Seattle University; Private Coll/Univ - General Obligation

S&P Global Ratings' rating on the Washington Higher Education Facilities Authority's refunding revenue bonds issued for Seattle University is 'A'. The outlook is stable. We assessed Seattle University's enterprise profile as strong, characterized by a stable market position and demand bolstered by solid student quality, despite only standard matriculation and selectivity rates. We also assessed Seattle University's financial profile as strong, reflecting a low debt burden and average financial resources offset by a concentrated revenue base and an operating deficit in fiscal 2018. Combined, we believe these credit factors lead to an indicative stand-alone credit profile of 'a' and final rating of 'A'. The 'A' rating reflects our view of Seattle University's strengths: Stable market position and demand reinforced by

...S&P Global Ratings' rating on the Washington Higher Education Facilities Authority's refunding revenue bonds issued for Seattle University is 'A'. The outlook is stable. We assessed Seattle University's enterprise profile as strong, characterized by a stable market position and demand bolstered by solid student quality, despite only standard matriculation and selectivity rates. We also assessed Seattle University's financial profile as strong, reflecting a low debt burden and average financial resources offset by a concentrated revenue base and an operating deficit in fiscal 2018. Combined, we believe these credit factors lead to an indicative stand-alone credit profile of 'a' and final rating of 'A'. The 'A' rating reflects our view of Seattle University's strengths: + Stable market position and demand reinforced by the university's location in the heart of downtown Seattle; + Strong fundraising capability, with approximately $225 million raised on a $275 million goal, including funding...

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