SAN FRANCISCO (S&P Global Ratings) March 26, 2021--S&P Global Ratings revised its outlook to negative from stable and affirmed its 'AA' long-term rating and underlying rating (SPUR) on University of Southern California's (USC or the university) revenue bonds. At the same time, S&P Global Ratings assigned its 'AA' long-term rating, with a negative outlook, to USC's $400 million series 2021A taxable bonds. "The outlook revision reflects the further weakening in the available resource metrics relative to debt, primarily due to the costs of legal settlements and additional debt that, without significant growth in resources, could be inconsistent with the current rating," said S&P Global Ratings credit analyst Mary Ellen Wriedt. "Additionally, we anticipate that financial operations will decline in fiscal
