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. All bonds are secured by a general obligation of the university. Wake Forest University Health Sciences 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
