Standard & Poor's said Thursday it has assigned a long-term credit rating of AA to Keio University and a long-term credit rating of AA minus to Tokyo University of Science Educational Foundation.

These are S&P's first-ever ratings for Japanese educational institutions.

The outlook for both universities is stable, the U.S. credit-rating agency said. Tokyo University of Science Educational Foundation is the operator of Tokyo University of Science.

"The rating on Keio University reflects its leading position in Japan's higher education sector, backed by the excellent quality of its education and research, and very high stable demand from students," S&P credit analyst Makiko Yoshimura said.

She added that Keio University "has diversified revenue sources and a strong capital structure with a balance sheet free of net debt."

S&P also said the university "has taken a leading role in Japanese higher education, with an innovative and diversified approach to education and research, and has a strong record of producing prominent politicians, corporate executives and academics."

"Demand from students for the university's high-quality education is expected to remain strong and stable in the number of 18-year-olds in Japan."

Regarding its rating for Tokyo University of Science Educational Foundation, S&P said it is based on the institution's "ability to attract high-quality students, backed by well-developed educational programs and strong research capabilities."

S&P assigned its first rating to a university in the United States in the 1960s. It has since rated over 600 universities in North and South America, Europe and Oceania.

The agency expects the use of credit ratings to increase among Japanese universities as they seek to diversify their funding sources.