S&P Global Ratings lowered its long-term rating on the Oregon Facilities Authority's series 2015A and 2015B revenue bonds to 'A-' from 'A', issued for the University of Portland (UP). At the same time, we assigned our 'A-' long-term rating to the Oregon Facilities Authority's series 2025 bonds, also issued for UP. The outlook is stable. The downgrade reflects our view of the university's persistent operating deficits in recent years which are expected to continue in fiscal 2025 and 2026. The downgrade further reflects our view of UP's financial resource metrics--historically a credit strength--which have softened over recent years and will likely continue to deteriorate with the increase in debt post-issuance. All debt is secured by a general obligation of the
