Moody’s and Standard & Poor's Re-affirm Muhlenberg College’s Long Term Bond Rating
Moody’s Investors Service and Standard & Poor's Rating Services have both re-affirmed Muhlenberg College’s bond ratings.Monday, May 4, 2009 11:22 AM
The College has now maintained an A1 rating with Moody's since January of 2002. Standard and Poor's has rated the College A+ since April 2001.
These ratings apply to $20 million of new debt, Series 2009 College Revenue Bonds, issued through the Lehigh County General Purpose Authority, and also to the College’s existing Series 2008 bond issue.
“Muhlenberg College has always been vigilant about its finances,” said Kent Dyer, the College’s Chief Business Officer. “We are pleased to receive this recognition from two highly respected third parties.”
According to Moody’s, the A1rating is based on the agency’s expectation of manageable debt levels, an excellent senior management team, continued strong operating performance leading to comfortable debt service coverage, and stable enrollment in the context of strengthening student demand. S&P also noted that enrollment was in line with the strategic plan and that there was an experienced and proactive management team in place.
The College will use the $20 million 2009 bonds to renovate and expand its student union, including augmented student life offices and new kitchen, servery, and dining facilities.
Founded in 1848, Muhlenberg College is a private, highly selective, liberal arts college affiliated with the Evangelical Lutheran Church in America.
