CENTENNIAL (S&P Global Ratings) April 30, 2020--S&P Global Ratings revised its outlook to negative from stable and affirmed its 'BBB' long-term rating on Iowa Higher Education Loan Authority's series 2011 private college facility revenue refunding bonds, issued on behalf of University of Dubuque (UD). "The negative outlook reflects our view that the COVID-19 pandemic and related economic fallout could materially pressure the University of Dubuque's enrollment and financial profiles," said S&P Global Ratings credit analyst Amber Schafer. "While the university anticipates that its operating performance in the current fiscal year will not be affected, we believe its history of deficit operating performance offers little flexibility for unexpected enrollment pressure or weakened net tuition revenue," Ms. Schafer added. In addition, the
