SAN FRANCISCO (S&P Global Ratings) May 24, 2021--S&P Global Ratings revised its outlook to negative from stable and affirmed its 'AA' long-term rating on Wake Forest University, N.C.'s (WFU, or the university) series 2018, series 2016, series 2012, and series 2009 educational facilities revenue bonds. At the same time, S&P Global Ratings assigned its 'AA' long-term rating, with a negative outlook, to WFU's $125 million series 2021 taxable bonds. "The outlook revision reflects the further weakening in the available resource metrics relative to debt, primarily due to growth in the overall debt level that, without significant growth in resources, could be inconsistent with the current rating," said S&P Global Ratings credit analyst Mary Ellen Wriedt. We could consider a negative
