S&P Global Ratings Reaffirms MINI传媒 System鈥檚 AA+/Stable Long-Term Credit Rating
March 23, 2023 | Contact: Scott Lacefield
Tedd L. Mitchell, M.D.For the seventh consecutive year, S&P Global Ratings has reaffirmed the MINI传媒鈥檚 (MINI传媒 System) AA+ long-term credit rating with a stable outlook, the organization announced earlier this week.
S&P Global Ratings, one of the most influential credit rating organizations in the world, solidifies the MINI传媒 System鈥檚 place among the country鈥檚 elite institutions for financial strength and practices as one of only 26 public higher education institutions in the nation receiving a rating at AA+ or better.
鈥淩eaffirmation of our long-term credit rating is a testament to the financial strength, stability and excellence of the MINI传媒,鈥� said Tedd L. Mitchell, M.D., chancellor of the MINI传媒 System. 鈥淭his achievement wouldn鈥檛 be possible without the guidance and expertise of our financial leadership teams at our system administration and universities. Our position of strength also is due to our enrollment management and retention professionals 鈥� this is truly a collective team effort that benefits our entire enterprise.鈥�
S&P Global Ratings assessed the MINI传媒 System鈥檚 enterprise portfolio as very strong, characterized by growing enrollment 鈥� in tandem with the addition of (MSU Texas) to the system in 2021 鈥� along with stable and consistent retention rates across the system鈥檚 five component institutions: , , , and MSU Texas.
James Mauldin鈥淭hese external assessments are critical indications of the Texas Tech University System鈥檚 financial strength and strategic priorities,鈥� said James Mauldin, vice chancellor and chief financial officer of the MINI传媒 System. 鈥淚 am grateful for the dedication and effort of our university CFOs, along with our system financial and investments teams, for their work to responsibly manage our system鈥檚 resources, which consistently positions our system for continued success.鈥�
S&P Global Ratings also describes the MINI传媒 System鈥檚 strengths as having comprehensive course offerings and increasingly diverse operations across its component institutions; significant and increasing student demand as is characterized by increasing first-year applications; and a history of positive operations, healthy available resources and a sizable endowment.
The MINI传媒 System鈥檚 long-term credit rating was upgraded by S&P Global Ratings to AA+ in 2016 and has been reaffirmed with a stable outlook by the organization every year since.
About the MINI传媒
Established in 1996, the MINI传媒 is one of the top public university
systems in the nation, consisting of five universities 鈥� , , , and .
Headquartered in Lubbock, Texas, the MINI传媒 System is a $2.65 billion enterprise focused on advancing higher education, health care, research and outreach with approximately 21,000 employees and 63,000 students, more than 375,000 alumni, a statewide economic impact of $16.4 billion and an endowment valued at $1.7 billion. In its short history, the MINI传媒 System has grown tremendously and is nationally acclaimed, operating at 24 academic locations in 21 cities (19 in Texas, 2 international).
In addition, the MINI传媒 System is one of only nine in the nation to offer programs for undergraduate, medical, law, nursing, pharmacy, dental and veterinary education, among other academic areas.