S&P Global Ratings assigned its 'BBB' long-term rating to the Indiana Finance Authority 's series 2025A tax-exempt educational facilities revenue bonds, issued for the University of Indianapolis (UIndy). At the same time, S&P Global Ratings affirmed its 'BBB' long-term rating on the authority's series 2013, 2014, and 2017 revenue and revenue refunding bonds, issued for UIndy. S&P Global Ratings also affirmed its 'BBB' long-term rating on the Arizona Industrial Development Authority 's (AZIDA) series 2019A lease revenue bonds (University of Indianapolis-Health Pavilion project) and taxable series 2019B bonds, issued for MACQ–Indiana I (MACQ-IN). The outlook is stable. DALLAS (S&P Global Ratings) May 7, 2025--S&P Global Ratings today took the rating actions listed above. We analyzed UIndy's environmental, social, and governance