...S&P Global Ratings revised its outlook to stable from negative and affirmed its 'A' long-term rating on the outstanding bonds of Seattle University (SU), Wash. Where possible, we have reported fiscal 2021 financial data sourced from draft financial statements, and we do not expect material changes to these figures when the university's audit is finalized. The stable outlook revision reflects our view of SU's solid demand metrics, despite the challenges of the pandemic. While enrollment declined modestly in fall 2021 on a full-time-equivalent (FTE) basis, headcount increased and the first-year class is the largest since fall 2018. The stable outlook also reflects our view of SU's operating performance, which is typically near break even, but was stronger in fiscal 2021. With no additional debt plans, we expect the university's balance sheet will remain sufficient for the 'A' rating. As of June 30, 2021, SU had $158.0 million in outstanding debt. The university's bonds are secured by a broad...
