Standard&Poor's Ratings Services affirmed its 'A' long-term rating and underlying rating (SPUR) on the Washington Higher Education Facilities Authority's various revenue bonds issued for Seattle University (SU). The outlook is stable. The ratings reflect our view of the university's return to positive financial operations on a full accrual basis, good management practices, and a manageable debt burden. Balancing these strengths are financial resource ratios, particularly expendable resources and cash and investments to operations, that remain below rating category medians in addition to recent declines in enrollment. The 'A' rating reflects our view of the university's: Broad pledge of unrestricted revenues, gains, and other support, equivalent to a general obligation pledge of the university; Improved financial performance in fiscal
