S&P Global Ratings 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. The outlook is stable. We assessed Seattle University's enterprise profile as strong, characterized by a stable market position and demand bolstered by a relatively large proportion of graduate full-time equivalent students and relatively stable retention, despite only standard matriculation and selectivity rates. We also assessed Seattle University's financial profile as strong, reflecting a low debt burden and average financial resources offset by modest financial performance and a concentrated revenue base. Combined, we believe these credit factors lead to an indicative stand-alone credit profile of 'a' and final rating of 'A'. The 'A' rating reflects
