University Of Louisville Foundation Inc., Kentucky; Non-Profit Organizations

S&P Global Ratings has affirmed its 'A+' long-term debt rating and issuer credit rating (ICR) on the University of Louisville Foundation Inc. (ULF), Ky. The outlook is stable. ULF had $53.9 million outstanding debt as of fiscal-year 2020. ULF has about $20 million in outstanding new market tax debt issued in 2013, forgiven in fiscal 2021. The foundation's pro forma debt is $33.5 million after giving effect to the forgiveness of the aforementioned debt. ULF's outstanding rated bonds are unsecured general obligations of ULF, backed by a guarantee. All of the remaining debt is for housing or other projects that support UL's mission. As of fiscal 2020, there were very minimal outstanding capital or operating leases compared with debt and

...S&P Global Ratings has affirmed its 'A+' long-term debt rating and issuer credit rating (ICR) on the University of Louisville Foundation Inc. (ULF), Ky. The outlook is stable. ULF had $53.9 million outstanding debt as of fiscal-year 2020. ULF has about $20 million in outstanding new market tax debt issued in 2013, forgiven in fiscal 2021. The foundation's pro forma debt is $33.5 million after giving effect to the forgiveness of the aforementioned debt. ULF's outstanding rated bonds are unsecured general obligations of ULF, backed by a guarantee. All of the remaining debt is for housing or other projects that support UL's mission. As of fiscal 2020, there were very minimal outstanding capital or operating leases compared with debt and ULF reports no plans for additional debt issuance or debt guarantees in our two-year outlook period. In our view, while the foundation encountered some hardships, the effects of COVID-19 have been minimal thus far. The foundation's total revenue decreased about...

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