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Trustees of Princeton University, NJ
Trustees of Purdue University, IN
Trustees of The California State University
Trustees of the College of Holy Cross, MA
Trustees of the University of Wyoming
TUFF/Savannah Leased Facility LLC, GA
Tufts University, MA
Tulane University, LA
Tulsa Community College, OK
Tulsa Industrial Authority, OK
Uni. of Arkansas Comm. College at Rich Mt, AR
Union Co. Higher Educ. Fac. Fin. Auth., PA
Union College, NY
Univ. of Arkansas Comm. Coll. at Cossatot
Univ. of Arkansas Comm. Coll. at Morrilton
Univ. of Arkansas Community College at Hope
Univ. of the Sciences in Philadelphia, PA
University of Akron, OH
University of Alabama at Birmingham, AL
University of Alabama in Huntsville, AL
University of Alabama, AL
University of Alaska, AK
University of Arizona, AZ
University of Arkansas
University of Arkansas (Fayetteville), AR
University of Arkansas (Little Rock)
University of Arkansas at Fort Smith
University of Arkansas at Monticello
University of Arkansas at Pine Bluff
University of Arkansas Board of Trustees
University of Arkansas for Medical Sciences
University of California Hastings College of the Law, CA
University of California, CA
University of Central Arkansas, AR
University of Central Florida, FL
University of Chicago, IL
University of Cincinnati, OH
University of Colorado, CO
University of Connecticut, CT
University of Dayton, OH
University of Delaware
University of Denver, CO
University of Florida, FL
University of Georgia Athletic Assoc. (The)
University of Georgia, GA
University of Hawaii, HI
University of Houston System, TX
University of Idaho, ID
University of Illinois Health Svcs. Fac. Sys.
University of Illinois, IL
University Of Iowa Facilities Corporation
University of Kansas Ctr. for Research, Inc.
University of Kansas, KS
University of Kentucky, KY
University of La Verne, CA
University of Louisiana at Monroe, LA
University of Louisville Foundation, KY
University of Louisville, KY
University of Massachusetts
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University of Miami, FL
University of Michigan, MI
University of Minnesota Foundation, MN
University of Minnesota, MN
University of Mississippi Ed. Bldg. Corp.
University of Mississippi Medical Center
University of Missouri System, MO
University of Montana
University of NC at Greensboro, NC
University of Nebraska Facilities Corporation
University of Nebraska, NE
University of Nevada
University of New England, ME
University of New Mexico, NM
University of New Orleans Rsrch & Tech. Fdtn.
University of New Orleans, LA
University of North Alabama, AL
University of North Carolina at Asheville, NC
University of North Carolina at Chapel Hill
University of North Carolina at Charlotte, NC
University of North Carolina at Wilmington,NC
University of North Carolina School of the Arts, NC
University of North Dakota Foundation
University of North Dakota, ND
University of North Florida
University of North Texas System, TX
University of Northern Colorado, CO
University of Northern Iowa, IA
University of Notre Dame du Lac, IN
University of Oregon, OR
University of Pennsylvania, PA
University of Pittsburgh, PA
University of Puget Sound, WA
University of Redlands, CA
University of Rhode Island, RI
University of Richmond, VA
University of Rochester, NY
University of San Diego, CA
University of San Francisco
University of South Alabama, AL
University of South Carolina, SC
University of South Florida Finan. Corp., FL
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University of Southern California, CA
University of Southern Indiana, IN
University of Southern Mississippi, MS
University of St. Thomas, MN
University of Texas System, TX
University of the Incarnate Word
University of the Pacific, CA
University of the Sacred Heart, PR
University of Toledo, OH
University of Tulsa, OK
University of Utah, UT
University of Vermont & State Agr. Coll., VT
University of Virginia
University of Washington, WA
University Of West Alabama, AL
University of West Florida Foundation, Inc.
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University of West Georgia, GA
University of Wyoming
University System of Maryland, MD
University System of New Hampshire, NH
Upland (City of) IN
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USG Real Estate Foundation VIII, LLC Project, GA
Utah Board of Higher Education
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Valdosta State University, GA
Valencia County Branch Community College District, NM
Valparaiso University
Vanderbilt University, TN
Vassar College, NY
Vermont Educational & Hlth. Bldgs. Fin. Agy.
Victoria County Jr College Dist, TX
Villanova University, PA
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Virginia Commonwealth University, VA
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Wake Forest University, NC
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Washington and Lee University, VA
Washington Biomedical Research Properties, WA
Washington County Authority, PA
Washington County Junior College District, TX
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Washington Higher Education Facilities Auth.
Washington State University, WA
Washington University, MO
Washtenaw Community College, MI
Wayne State University Board of Governors, MI
Wayne State University, MI
Webster University, MO
Wellesley College, MA
Wentworth Institute of Technology, MA
Wesleyan University, CT
West Valley Mission Community Coll Dist, CA
West Virginia Higher Ed. Policy Comm., WV
West Virginia St.Univ. Bd. of Governors
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West Virginia University Board of Governors
West Virginia University Foundation Inc., WV
West Virginia University, WV
Western Carolina University, NC
Western Iowa Tech Community College
Western Iowa Tech Community College (Revenue Backed)
Western Kentucky University, KY
Western Michigan University, MI
Western State Colorado University
Western University of Health Sciences, CA
Western Washington University, WA
Wharton County Junior College District, TX
Wheaton College, IL
Wheaton College, MA
Whitman College, WA
Whitworth University, WA
Wichita State University, KS
Willamette University, OR
William Paterson University of New Jersey, NJ
Williams College, MA
Winston-Salem State University, NC
Wisconsin Health & Educational Fac. Auth.
Worcester Polytechnic Institute, MA
Worcester State University, MA
Wright State University, OH
Xavier University, OH
Yale University, CT
Yamhill (County of) OR
Yavapai County Community College District, AZ
Yavapai County Community College District, AZ (Revenue Backed)
Yeshiva University, NY
Youngstown State University, OH
Zane State College, OH
Related Research
Rating Action:

Moody's takes various rating actions in conjunction with the publication of the updated higher education methodology

04 Aug 2021

New York, August 04, 2021 -- Moody's Investors Service has assigned Issuer Ratings to 468 combined 4-year public and private higher education institutions and community colleges/districts in conjunction with the publication on August 4, 2021 of a new methodology for assessing credit risk for higher education institutions. Moody's has also affirmed the existing public Issuer Ratings on 31 institutions. Issuer Ratings are opinions of the ability of entities to honor senior unsecured debt and debt like obligations. Concurrently, Moody's has also affirmed the associated debt instrument ratings of these higher education institutions as well as those of related support organizations. The outlook for each issuer and its debt instruments are unchanged from the outlook currently assigned.

Moody's has also placed debt ratings for 23 four year public and private colleges and community colleges/districts under review for downgrade and 1 under review for upgrade. The rating actions affect 42 securities across these 24 unique issuers.

Further, Moody's has revised the outlooks to "no outlook" for organizations that serve as additional obligors for certain debt instruments. In these cases, the outlooks for these obligor's debt instruments will reflect that of the affiliated parent organization, which is the organization that houses the Issuer Rating.

Moody's has also downgraded Austin Community College District's (TX) lease revenue bonds to Aa3 from Aa2. The outlook is stable. The rating action affects about $299 million of debt.

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBM_PBM907291588 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies each affected issuer.

RATINGS RATIONALE

The assignment or affirmation of Issuer Ratings reflects an evaluation of the key factors of the analysis for higher education institutions including scale, market profile, operating performance, financial resources and liquidity, leverage and coverage, financial policy and strategy, and other relevant considerations.

The affirmation of debt instrument ratings reflects the individual higher education institution's Issuer Rating and each debt instrument's security considerations.

The higher education ratings placed under review primarily reflect the instrument considerations of the institutions' debt relative to its Issuer Rating, as set forth in the updated higher education methodology. The reviews will focus on an evaluation of the key fundamental factors for higher education institutions combined with each debt instrument's security considerations. Placement of debt instrument ratings relative to issuer ratings will include evaluation of the security features, if the pledges are actively or passively managed, characteristics of the revenue base, debt service coverage, and other factors.

The outlooks for organizations that serve as additional obligors for certain debt instruments are being revised to "no outlook" to allow for outlook alignment with the affiliated parent organization. In these cases, the outlooks for these obligor's debt instruments will reflect that of the affiliated parent organization, which is the organization that houses the Issuer Rating.

The downgrade of Austin Community College District's lease revenue bonds reflects the debt instrument considerations and placement relative to the newly assigned Aa2 Issuer Rating under the updated higher education methodology.

Moody's has decided to withdraw 44 Issuer Ratings for community colleges/districts. Moody's has decided to withdraw the ratings for its own business reasons. Please refer to the Moody's Investors Service Policy for Withdrawal of Credit Ratings, available on its website, www.moodys.com. At the same time, Moody's has assigned Pledge-Specific Ratings at the same rating level to 42 of those issuers. The withdrawn Issuer Ratings aligned with the definition for Issuer Ratings as applied to US local governments (outlined in Moody's Rating Symbols and Definitions, updated and published June 29, 2021), reflecting an unlimited general obligation pledge. With the publication of the updated higher education methodology, that definition no longer applies to community colleges/districts. Instead Issuer Ratings for community colleges/districts will reflect our opinion of the ability of entities to honor senior unsecured debt and debt-like obligations. The newly assigned Pledge-Specific Ratings reflect an entity's unlimited general obligation pledge.

RATING OUTLOOK

For the assigned and affirmed issuer and debt instrument ratings, the outlooks are unchanged from those currently assigned.

The stable outlook for Austin Community College District reflects its credit fundamentals and expectations around future performance.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

- For issuer level ratings: Improvement in fundamental credit factors, including those related to scale, market profile, operating performance, financial resources and liquidity, leverage and coverage, financial policy and strategy, and other relevant considerations

- For debt instrument ratings: improvement in issuer level rating or strengthening of the structural and performance characteristics of individual debt securities

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

- For issuer level ratings: deterioration of fundamental credit factors, including those related to scale, market profile, operating performance, financial resources and liquidity, leverage and coverage, financial policy and strategy, and other relevant considerations

- For debt instrument ratings: deterioration of the issuer level rating or weakening of the structural and performance characteristics of individual debt securities

METHODOLOGY

The principal methodology used in the non-pledge specific ratings (PSR) was Higher Education Methodology published in August 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBM_1257002. The principal methodology used in the pledge specific ratings was US Local Government General Obligation Debt published in January 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBM_1260094. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

The List of Affected Credit Ratings announced here are all solicited credit ratings. Additionally, the List of Affected Credit Ratings includes additional disclosures that vary with regard to some of the ratings. Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBM_PBM907291588 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and provides, for each of the credit ratings covered, Moody's disclosures on the following items:

- Rating Solicitation

- Issuer Participation

- Participation: Access to Management

- Participation: Access to Internal Documents

- Disclosure to Rated Entity

- Endorsement

- State

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288435.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued the ratings.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Florence Zeman
Lead Analyst
Housing
Moody's Investors Service, Inc.
7 World Trade Center
250 Greenwich Street
New York 10007
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Naomi Richman
Additional Contact
PFG Admin
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
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