S&P Global Ratings Reaffirms MINI传媒 System鈥檚 AA+/Stable Long-Term Credit Rating
This is the third consecutive AA+/stable credit rating the MINI传媒
has received from Standard & Poor's since 2016.
July 9, 2020 | Contact: Scott Lacefield
Gary BarnesOne week after , Standard & Poor鈥檚 (S&P Global), one of the most influential credit rating organizations in the world, has reaffirmed the MINI传媒 System鈥檚 long-term credit rating of AA+ with a stable outlook.
The MINI传媒 System鈥檚 Aa1/stable credit rating from Moody鈥檚 and AA+/stable rating from S&P Global solidifies the four-university component system鈥檚 place among the nation鈥檚 elite higher education institutions for financial strength and practices.
鈥淲e are beyond pleased that both Moody鈥檚 and S&P Global continue to recognize the long-term financial strength and investment strategies of the Texas Tech University System,鈥� said , vice chancellor and chief financial officer of the MINI传媒 System. 鈥淚 commend our university CFOs and System financial and investment teams for their responsible and deliberate approach to managing our financial resources.鈥�
The reaffirmed credit rating reflects S&P Global鈥檚 assessment of the MINI传媒 System鈥檚 enterprise profile as very strong, characterized by growing enrollment and freshman application with comprehensive course offerings and increasingly diverse operations with its four component institutions: , , and .
John Walker鈥淩eceiving a positive credit rating from Moody鈥檚 and S&P Global once again speaks to the trust and excellence of our finance and investment leadership and to the financial health of our universities,鈥� said , regent and chairman of the finance and administration committee.
S&P Global also listed the MINI传媒 System鈥檚 history of positive operating performance, solid available resources鈥攊ncluding its more than 300,000 alumni and strong history of fundraising鈥攁nd sizable endowment as strengths of the enterprise.
The MINI传媒 System has received three consecutive AA+/stable ratings by S&P Global following an upgrade to AA+/stable in 2016 and another AA+/stable rating in 2018.
About the MINI传媒Established in 1996 and headquartered in Lubbock, Texas, the is a $2 billion higher education enterprise focused on advancing higher education, health care, research and community outreach. Consisting of four universities 鈥� , , and 鈥� the MINI传媒 System collectively has approximately 55,000 students, 17 campuses statewide and internationally, more than 300,000 alumni and an endowment valued at over $1.3 billion.
During the 86th Texas Legislature under the leadership of Chancellor , legislative funding and authority was provided to establish a new Texas Tech University veterinary school in Amarillo and a new dental school at Texas Tech University Health Sciences Center El Paso. This will be the state鈥檚 first veterinary school in more than a century and first dental school in over 50 years. The addition of these two schools makes the MINI传媒 System one of only nine in the nation to offer programs for undergraduate, medical, law, nursing, pharmacy, dental and veterinary education, among other academic areas.