S&P Global Ratings affirmed its 'AA-' rating on University of North Carolina Board of Governors' outstanding revenue debt, issued for East Carolina University (ECU). The outlook is stable. As of June 30, 2022, ECU had $383 million in outstanding debt, consisting of $350.9 million in bonds, $31.2 million in leases, and $934,000 in bank debt. All bank debt and direct placement issuances are on parity with the public debt, with no acceleration risk or contingent liability risk. The bonds are payable from available funds of the university which we consider equivalent to an unlimited-student-fee pledge of ECU because of the broad revenue involved. Available funds are any remaining legally available funds of ECU or the board after satisfying obligations under
