S&P Boosts Ivy Tech Bond RatingPosted: Updated:
Ivy Tech Community College's long-term bond rating has been raised by Standard & Poor's. President Tom Snyder says he is pleased with the upgraded rating to "AA" since the financial services company has a "negative" outlook on the higher education sector. January 26, 2015
INDIANAPOLIS, Ind. - Standard and Poor's announced that it has raised its long-term rating to AA from AA- on the Trustees of Ivy Tech Community College's outstanding bonds.
"We are very pleased with the improved rating from Standard and Poor's, especially given that their outlook for the higher education sector is negative and most schools are not seeing improved ratings," Ivy Tech President Thomas J. Snyder said. "We have high standards in all areas of our organization, and this rating reflects the quality of our financial management practices and team."
"The upgrade reflects our view of Ivy Tech's fundamental credit strengths including its strong operating income trends, highlighted by healthy surpluses recorded consistently for the past several years, growing financial resource ratios, and robust state appropriations," said Standard & Poor's credit analyst Shivani Singh. "It also reflects our view of Ivy Tech's enterprise profile strengths, including its position as the largest single-accreditation community college system in the United States and strong management team with good fiscal planning and policies in place."
Ivy Tech Community College is the state's largest public postsecondary institution and the nation's largest singly accredited statewide community college system serving nearly 200,000 students annually. Ivy Tech has campuses throughout Indiana. It serves as the state's engine of workforce development, offering affordable degree programs and training that are aligned with the needs of its community along with courses and programs that transfer to other colleges and universities in Indiana. It is accredited by the Higher Learning Commission and a member of the North Central Association.
Source: Ivy Tech Community College