Northwestern Gets Highest Credit MarksJuly 12, 2005
The University has received the highest possible credit ratings from Moody's Investor Service (P-1) and Standard & Poor's (A-1+) for short-term debt.
In granting the P-1 rating, Moody's said it “believes that Northwestern University’s positive operating performance will continue to provide strong credit support and bond holder security.”
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 has $100 million of authorized and outstanding taxable commercial paper and is now increasing the authorization to $200 million.
Moody’s also affirmed the Aa1 long-term rating on the University’s $360.2 million in revenue bonds issued through the Illinois Educational Facilities Authority in 1993, 1997 and 2003 and the Aal/VMIG1 rating on $135.8 million in revenue bonds issued through the Illinois Finance Authority in 2004.