Standard & Poor’s Ratings Services has upgraded Worcester State University’s rating from A- to A and has given the university a “stable” outlook.
According to the accompanying rationale, “The higher rating reflects our view of WSU’s solid enrollment growth, surplus operations on a full accrual basis, and low levels of debt and financial resources that are in line with the ‘A’ rating and its peer institutions.”
“This is very welcome news.” said President Barry M. Maloney. “I commend our Administration and Finance team for their commitment to sound fiscal practices that allow us to provide the very best for our students.”
The report also noted:
- Good student enrollment levels showing growth, despite weak demographic trends across the state;
- Strong financial resources, with fiscal 2011 adjusted unrestricted net assets equal to 40.7% of operating expenses and 238.5% of outstanding debt; and
- Low debt level, with annual debt service a low 1.3% of fiscal 2011 operating expenses.
President Maloney noted that the improved rating positions the university well for its upcoming capital plans. WSU recently announced that it has been given the green light to build a $45.5 million Wellness Center which is expected to open in Fall of 2015. “Our strong fiscal health is important as we embark on the new Wellness Center. It will prove to be a tremendous asset for our students and the greater community,” said President Maloney.
The rational also noted the university’s recent successful completed $12.5 capital campaign and the university’s $12.6 million endowment as strengths.
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