Simon Fraser University: Rating Report

On September 27, 2019, DBRS Limited (DBRS) confirmed Simon Fraser University’s (SFU or the University) Issuer Rating and Senior Unsecured Debt rating at AA (low) with Stable trends. The ratings reflect SFU’s solid academic profile as a leading comprehensive university in Canada generally and the Province of British Columbia (B.C. or the Province; rated AA (high) with a Stable trend by DBRS) particularly, a relatively low and stable debt burden and a favourable location in the growing Metro Vancouver region. The ratings are constrained by a relatively low level of expendable financial resources and large deferred maintenance needs, as well as by limited fee-setting autonomy and funding growth.