S&P Global Ratings assigned its 'AA-' rating to the Illinois Finance Authority's $521.7 million series 2024A tax-exempt and $453.5 million series 2024C tax-exempt fixed rate bonds issued for the University of Chicago (UChicago or University) and the University's $403.2 million series 2024B taxable revenue bonds. S&P Global Ratings affirmed its 'AA-' ratings on various series of UChicago's bonds. S&P Global Ratings affirmed its 'AA-/A-1+' dual ratings and its 'A-1+' short-term rating on UChicago's existing debt and its commercial paper (CP) program. The outlook, where applicable, is stable. University bonds are a general obligation of UChicago. The consolidated university has about $6.0 billion of pro forma debt outstanding (including leases, which we view as manageable) with the majority held at the