...S&P Global Ratings revised its outlook to negative from stable and affirmed its '##' 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 '##' 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. All bonds are secured by a general obligation of the university. The Wake Forest University School of Medicine, in Winston-Salem, is not obligated, nor are its assets pledged for the repayment of university debt. Consequently, our calculations are based only on the operations and balance sheet of the main campus (Reynolda Campus). Total debt outstanding...
