Standard & Poor’s upgraded Syracuse University’s long-term debt to AA-minus from A-plus, citing growing enrollment.

“The upgrade reflects the university’s consistently strong operating performance, improved demand profile, growing enrollment, and adequate financial resource ratios,” S&P credit analyst Carolyn McLean said. The university’s overall debt is low for its rating, she and S&P credit analyst Nick Waugh said.

Syracuse is issuing $65 million of series 2013 bonds through the Onandaga County Trust for Cultural Resources.

With this issuance added, Syracuse U. will have $444 million in outstanding debt.

However, the AA-minus rating only affects $188 million.

The remaining $256 million is rated through the application of S&P’s joint criteria. This portion of the debt is supported by a letter of credit. The $256 million is rated AAA for long-term debt and A-1 or A-1-plus for short-term debt.

The school in Syracuse, N.Y. has about 21,030 undergraduate and graduate students.

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