Standard & Poor's upgraded Carroll University's rating one notch to BBB-plus in recognition of its positive operating performance.
The university, based in suburban Milwaukee, issues through the Wisconsin Health & Educational Facilities Authority.
"The raised rating reflects our view of the university's consistent positive operating performance, stable student enrollment and demand, manageable debt burden, and solid expendable resource ratios relative to the rating category," said Standard & Poor's analyst Jessica Wood.
Carroll is not planning any new debt issuance. Carroll was founded in 1846 and is located Waukesha, about 20 miles west of Milwaukee. The university is affiliated with the Presbyterian Church and has enrollment of 3,233 undergraduate and 338 graduate students.
