University Gets S&P's Top GradeJune 7, 2005
The University has received an affirmation from Standard & Poor’s highest rating for its rating short-term debt; the rating is A-1+, the highest grade of credit quality.
The University is adding to its capacity to issue short-term debt instruments to assist in paying for current expenditures and for temporary cash needs for long-term capital projects at lower interest rates.
This expands its ability to issue taxable commercial paper, as well as its ability to draw upon bank-provided liquidity instruments.
The University, with the assistance of an ad hoc committee of trustees and approval of the Board of Trustees, has presented its plans to the major rating agencies.
The University has $100 million of authorized and outstanding taxable commercial paper and is now increasing the authorization to $200 million.