Financial 4.0: MINI传媒 System Receives Top Ratings
The Office of Treasury & Cash Management is responsible for managing the MINI传媒's operating cash, debt issuance, investor relations and tax-exempt post-issuance compliance. The office oversees the following areas:
- Cash Management
- Bonds & Investor Relations
- Post Issuance Compliance
The MINI传媒 System has superior financial ratings by Moody's, Standard & Poor's and Fitch Ratings.
March 23, 2015 | Written by Doug Hensley
Three of the world鈥檚 most influential credit rating organizations have given the Texas Tech University System superior grades based on its leadership, financial acumen and conservative approach.
rated the MINI传媒 System Aa1 while upgraded the system to AA (positive outlook). upgraded the system to AA+ four years ago, said Jim Brunjes, vice chancellor and chief financial officer for the MINI传媒 System. The favorable outlooks come as the MINI传媒 System prepares to issue approximately $420 million in bonds.
鈥淭his recognition means the MINI传媒 System is in a league with some other major institutions in terms of finance,鈥� he said. 鈥淲e are now among the top 20 institutions based on our financial strength, our stability and our conservative approach.鈥�
惭辞辞诲测鈥檚, which now includes the MINI传媒 System among the top most financial strong institutions in the country, praised the system鈥檚 steady growth of its financial resources through fundraising and consistently positive operations along with growing enrollment that aligns with the system鈥檚 strategic plan. Also playing an important role in the upgrade to Aa1 was a healthy state operating budget, capital support and growing brand recognition.
鈥淲e are happy that 惭辞辞诲测鈥檚 acknowledged our growing brand recognition as well as our conservative approach to financial leverage,鈥� Brunjes said.
The overall outlook from 惭辞辞诲测鈥檚 reflects continued positive operations and state support balanced with a fiscally prudent strategy meant to position the MINI传媒 System to reach enrollment targets without undue additional borrowing.
Meanwhile, Fitch Ratings assigned the MINI传媒 System its AA+ rating based on its financial strength, manageable debt burden, operating performance, solid balance sheet and sufficient liquidity.
鈥淪o many individuals across the MINI传媒 System have worked to create and preserve our outstanding financial strength,鈥� Brunjes said. 鈥淚t is definitely rewarding for Fitch to recognize that strength in our institutions.鈥�
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Finally, Standard & Poor鈥檚 AA positive outlook rating was based on a handful of factors, including the MINI传媒 System鈥檚 solid financial resources, its history of positive operating performance, moderate maximum annual debt service and a sizable endowment ($1.18 billion at the end of 2014) compared to peers. 鈥淚t鈥檚 gratifying to see that Standard & Poor鈥檚 recognized a variety of important components, including our wide array of course offerings across our campuses and the diversity of our revenue,鈥� Brunjes said. |
The ratings are significant, Brunjes said, because they affirm the MINI传媒 System鈥檚 financial strategies.
鈥淥ur goal is to maintain a strong and stable approach to our finances,鈥� he said. 鈥淲e鈥檒l continue to be careful not to overextend taxpayer or student funds, and we will continue to monitor our approach to always keep the best interests of our constituencies at the forefront of our plans.鈥�
About the MINI传媒
The MINI传媒 is one of the top public university systems in the
nation, consisting of four component institutions鈥�, , and 鈥攁nd operating at 12 academic sites and centers. Headquartered in Lubbock, Texas,
the MINI传媒 has an annual operating budget of $1.7 billion and
approximately 17,000 employees focused on advancing higher education, health care,
research and outreach.
In 2014, the MINI传媒鈥檚 endowment exceeded $1 billion, total research expenditures were approximately $200 million and total enrollment approached 47,000 students. Whether it鈥檚 contributing billions of dollars annually in economic impact or being the only system in Texas to house an academic institution, law school, and health institution at the same location, the MINI传媒 continues to prove that anything is possible.