S&P Global Ratings affirmed its 'A' long-term rating on the outstanding bonds of Seattle University (SU), Wash. The outlook is stable. As of June 30, 2023, SU had $160.7 million in outstanding debt, including $11.9 million of operating leases. The university's bonds are secured by a broad pledge of unrestricted revenues, gains, and other support, which we consider equivalent to a general obligation pledge. Maximum annual debt service (MADS) is 3.5% of fiscal 2023 adjusted operating expenses, which we consider low. Management has no plans for additional debt within the two-year outlook period. The rating reflects our view of SU's enterprise risk profile as strong, characterized by relatively stable enrollment with robust graduate and professional offerings, offset by a low
