Standard & Poor’s this week upgraded to A-plus from A its rating on Illinois State University’s auxiliary facilities system bonds in conjunction with its sale of $30 million of AFS bonds and $21.9 million of certificates of participation.

Analysts attributed the action to the school’s consistently strong financial performance and gradual progress in building liquidity and student quality. “ISU has consistently generated operating surpluses on a full accrual basis, and had strong financial performance in 2007 thanks to its solid investment earnings and strong auxiliary system operations,” wrote analyst Susan Carlson.

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