New Bond Ratings Reflect Financial Health of Tri-C
Ratings will have positive impact on sale of bonds for capital improvements
The strong and stable financial health of Cuyahoga Community College (Tri-C®) has led to elevated long-term bond ratings for the institution by the world’s largest credit rating agencies.
Standard & Poor’s Global Ratings assigned its AA long-term rating and Moody’s Investors Service its Aa1 long-term rating to the College’s 2018 general obligation school facilities construction and improvement bonds.
These ratings reflect improvements over the previous S&P rating of AA- and the previous Moody’s rating of Aa2 for general receipt bonds
Both agencies noted a stable outlook for the College.
These ratings reflect the agencies’ opinions of the College’s:
- Access to a broad and diverse economy with a large tax base;
- Very strong financial position supported by consistently high available reserve balances;
- Prudent financial management and leadership; and
- Large scope of operations and very competitive tuition rate.
The increases in the College’s ratings will have a significant positive impact on the upcoming sale of the bonds on Jan. 31 to finance capital improvements made possible by the November passage of Issue 61 by Cuyahoga County voters.
Approval of the issue raised $227.5 million for the College to create new instructional space, keep pace with changing technology and address decades of wear and tear on buildings to meet the community’s educational and workforce training needs.
January 18, 2018
John Horton, 216-987-4281 firstname.lastname@example.org