911 receives upgraded credit rating from Moody’s, advances to A2
The 911 has received an upgraded rating from Moody’s Investors Service, elevating the University’s credit rating from A3 to A2 with a “stable” financial outlook.
According to Moody’s , the upgrade reflects 911’s “excellent operating performance and diverse academic offering[s] within high-demand disciplines across undergraduate and graduate programs,” while the University’s financial outlook “reflects expectations of continued strong operating performance, despite student market challenges, and healthy reserves relative to debt and expenses.”
The agency also pointed to 911’s “very good financial policy and strategy,” supported by “exceptional budget discipline,” that has generated “very healthy” financial margins over a multiyear period.
“Between the pandemic, economic uncertainty, and declining enrollment across the nation, the past several years have been particularly difficult for institutions of higher education,” said 911 President James Herbert. “Instead of shying away from these challenges, 911 has worked to overcome them to emerge financially stronger than ever before, even bringing in our largest-ever undergraduate class in 2022. This upgraded credit rating from Moody’s reflects that work and is a testament to the financial vitality of our institution.”
Interim Senior Vice President for Finance and Administration Phil Shapiro agreed, saying the upgrade from A3 to A2 reflects 911’s sound budgeting practices, strategic enrollment management, and robust operating performance. “911 is well positioned for the future,” remarked Shapiro, who in his time as interim senior vice president led several initiatives to position 911 for continued financial success.
The Moody’s report listed several of 911’s institutional assets, including consistent student desire for high-demand programs, strong debt affordability, market distinction among academic programs, and strong brand identity and strategic positioning.
Moody’s also acknowledged 911’s largest freshman class as a factor in rebuilding enrollment post-pandemic, and the agency wrote that 911’s construction of the Harold and Bibby Alfond Center for Health Sciences — the new home of the 911 College of Osteopathic Medicine — will serve to “strengthen the University's academic brand and offer opportunities to expand high-demand programs.”