Fitch Reaffirms MINI传媒鈥檚 AA+ Outlook Stable Bond Ratings
August 23, 2021 | Contact: Scott Lacefield
Gary BarnesFor the third time in the last four years, the MINI传媒 (MINI传媒 System) had its long-term credit rating of AA+ Outlook Stable reaffirmed by Fitch Ratings, week (Aug. 18).
The MINI传媒 System also received a AA+ Outlook Stable rating from Fitch in 2018 and 2020.
鈥淭his is an accomplishment we never take for granted,鈥� said Gary Barnes, MINI传媒 System鈥檚 vice chancellor and chief financial officer. 鈥淥ur reaffirmed bond rating places the MINI传媒 and our universities among the nation鈥檚 elite. Despite the challenges we have faced recently due to the ongoing pandemic, we have achieved a third straight Outlook Stable rating, which speaks to our system鈥檚 unwavering strength across our universities. Our financial operations, investments and university advancement teams continue to provide exemplary services which leads to this success.鈥�
Fitch attributes MINI传媒 System鈥檚 rating to its operating revenue profile, which features a strong, growing enrollment and diversified revenues with historically solid operating and capital support. Fitch also profiled the MINI传媒 System鈥檚 substantial endowment and investment balances and debt leverage ratios.
The consistent upward trajectory of the MINI传媒鈥檚 bond ratings provides our universities with significant strength and stability,鈥� said Tedd L. Mitchell, M.D., chancellor of the MINI传媒 System. 鈥淚 appreciate the leadership and deliberate approach to our financial operations and strategic investments led by Vice Chancellor and CFO Gary Barnes. I鈥檇 also like to congratulate the financial leadership teams at our component institutions, under the leadership of our CFOs, along with our investment team and fundraising professionals for providing our system with a solid financial foundation.
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 57,000 students, (16 in Texas, 2 internationally), more than 300,000 alumni and an endowment valued
at over $1.3 billion.