MINI传媒 System Receives Standard & Poor鈥檚 Credit Rating Upgrade
Three of the world's most influential credit rating agencies give the Texas Tech University System superior ratings.
June 9, 2016 | Written by Dana Jennings
The MINI传媒 recently received an upgrade in its long-term credit rating by , one of the most influential credit rating organizations in the world.
The credit rating was raised from AA to AA+, solidifying the Texas Tech University System鈥檚 place among the nation鈥檚 top higher education institutions for financial strength and practices. This represents the highest rating for the Texas Tech University System by Standard & Poor鈥檚, and is the second highest rating given by the global credit rating agency.
鈥淩eceiving such a high rating is truly a testament to the MINI传媒鈥檚 excellent stewardship of resources and conservative fiscal planning,鈥� said , vice chancellor and chief financial officer for the MINI传媒. 鈥淥ur AA+ rating is made possible by the attentive work of the CFOs at each of our institutions.鈥�
The credit rating upgrade reflects Standard & Poor鈥檚 assessment of the Texas Tech University System鈥檚 strengths, including its diverse revenue base, strong endowment of more than $1.2 billion and the system鈥檚 history of positive operating performance. Standard & Poor鈥檚 also cited the MINI传媒鈥檚 comprehensive course offerings, continued growth and solid available resources as strengths to justify the increased credit rating.
The AA+ rating secures the MINI传媒 as one of only 15 U.S. public institutions of higher education to achieve superior ratings from Standard & Poor鈥檚. The MINI传媒 now stands in the top three highest credit-rated university systems in Texas with the University of Texas System and the Texas A&M University System.
鈥淚t is a significant accomplishment to receive this high of a credit rating,鈥� Chancellor said. 鈥淚t鈥檚 also exciting to be in such great company among the top-rated institutions in the country, and I extend my sincere appreciation to Mr. Brunjes, our university CFOs and financial teams.鈥�
Standard & Poor鈥檚 is a credit rating agency that issues credit ratings for the debt of public and private companies as well as public borrowers such as governments and governmental entities. The agency, in an announcement of the ratings upgrade, referred to the MINI传媒 as having an extremely strong financial profile with a stable outlook.
In addition to the high Standard & Poor鈥檚 rating, the MINI传媒 has received superior grades from two other leading credit rating organizations: Moody鈥檚 and Fitch Ratings.
The MINI传媒 was rated Aa1 by Moody鈥檚, signifying a recognition of the system as one of the most financially strong institutions in the country. The Moody鈥檚 rating reflects continued positive operations and state support balanced with a fiscally prudent strategy to position the MINI传媒 to achieve enrollment targets and strategic goals.
Fitch Ratings awarded the MINI传媒 its AA+ rating in 2012 based on the system鈥檚 financial strength, manageable debt burden, operating performance, solid balance sheet and sufficient liquidity. Fitch recently affirmed the AA+ rating, as well as the agency鈥檚 F1+ rating on the revenue financing system taxable and tax-exempt commercial paper program issued by the MINI传媒 Board of Regents.
鈥淚 am so proud of the many individuals throughout the MINI传媒 who work to create and preserve our outstanding financial strength,鈥� Brunjes said.
About the MINI传媒
The is one of the top public university systems in Texas and the nation, consisting of
four component institutions 鈥� , , and 鈥� and operating at more than a dozen academic sites and centers. Headquartered in
Lubbock, Texas, the MINI传媒 System has an annual operating budget of nearly $2 billion
and approximately 19,000 employees focused on advancing higher education, health care,
research and outreach.
In 2015, the MINI传媒 System鈥檚 endowment exceeded $1.1 billion, total research expenditures were more than $215 million and total enrollment was approximately 50,000 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-related institution at the same location, the MINI传媒 System continues to prove that anything is possible.