Standard & Poor’s Upgrades Syracuse University’s Credit Rating
Standard & Poor’s (S&P) credit ratings services has raised Syracuse University’s credit rating based on the overall financial position of the University.
According to S&P, the upgrade (from ‘A+’ to ‘AA-’) reflects the University’s consistently strong operating performance, improved demand profile, growing enrollment and adequate financial resource ratios. S&P notes that overall debt remains low for the rating, which is a key strength of the University, and that “SU has consistently improved its demand and financial metrics over time to the point that the current rating is more in line with the ‘AA’ category.”
S&P also cited the University “good financial management practices, with a pattern of surplus operations, and strong operating results” and the “successful completion of a $1 billion campaign in December 2012.”
“We are pleased by the credit rating upgrade and the positive reflection of the University’s financial profile,” says Executive Vice President and Chief Financial Officer Louis G. Marcoccia.
In April 2011, Standard & Poor’s credit ratings boosted the University’s credit outlook to “positive” from “stable.” S&P last boosted the University’s credit rating in 1999.