Standard&Poor's Ratings Services assigned its 'AA+' long-term rating to the California Educational Facilities Authority's series 2005 revenue bonds, issued for the University of Southern California (USC). The rating reflects: The size and breadth of USC's undergraduate and graduate programs and its status as California's largest private university, based on a current full-time equivalent (FTE) enrollment of 30,462 students; Solid fundraising, highlighted by a completed (December 2002) capital campaign that raised $2.72 billion and annual fund giving in excess of $250 million; and An increasingly competitive demand profile with improved first-year selectivity and higher student quality. Offsetting factors include the possibility of more debt within the next few years, as capital plans call for more construction, and the likely
