SAN FRANCISCO (S&P Global Ratings) Oct. 31, 2022--S&P Global Ratings revised its outlook to stable from negative and affirmed its 'AA' long-term rating on Wake Forest University, N.C.'s (WFU, or the university) series 2021, series 2018, series 2016, and series 2012 educational facilities revenue bonds. "The outlook revision reflects improvement in financial resources that, while only adequate at the rating, are expected to continue to improve with solid operating margins, fundraising, and no debt in the near term," said S&P Global Ratings credit analyst Mary Ellen Wriedt. All bonds are secured by a general obligation of the university. The university was founded in 1834 as Wake Forest Institute by the Baptist State Convention of North Carolina. It was rechartered as
