By Jeff Murphy,
May 31, 2016
WARRENSBURG, MO 鈥� A positive indication of the 欧美视频鈥檚 financial
stability and ability to manage credit came in May as Standard & Poor鈥檚 Global ratings
announced it has revised UCM鈥檚 rating on Missouri Health & Educational Authority鈥檚
bonds from "A" to 鈥淎+." This applies to the security for the series 2012A revenue
bonds, which were issued to refinance the University Housing system energy savings
project and library facility construction; series 2013B-2 bonds issued for improvements
at Audrey J. Walton Stadium at Vernon Kennedy Field; and series 2013C-2 educational
facilities revenue bonds to help construct The Crossing鈥揝outh at Holden student housing-retail
project.
鈥淭his upgraded S&P rating comes with an incredible sense of appreciation for our Board
of Governors and a lot of people on campus who have worked hard to provide good stewardship
reporting related to our capital projects,鈥� said University President Charles Ambrose.
鈥淚t is reflective of our campus-wide commitment to student success and institutional
performance. The S&P rating also validates the importance of our three key performance
indicators of growth with quality, student success, and sustainability/efficiency
and their contributions to UCM鈥檚 positive financial outlook.鈥�
S&P Global Ratings Analyst Ashley Ramchandani noted in a press release that the higher
rating reflects UCM鈥檚 improved credit fundamentals and strong available resources.
The release also stated that the security for the series 2013B-2, 2013-C, and 2012A
is viewed by S&P Global as an unlimited student-fee equivalent pledge of the university,
since pledged revenues exclude only state operating appropriations and funds pledged
to the payment of certain housing system revenue bonds.
鈥淲e assessed UCM鈥檚 enterprise profile as strong, characterized by consistent enrollment
growth, a good demand profile with moderate selectivity, and solid matriculation,鈥�
Ramchandani said.
She added that S&P Global assessed UCM鈥檚 financial profile as 鈥渧ery strong, with consistently
positive operations, healthy available resources, and reasonable debt burden. Combined,
we believe these credit factors lead to an indicative stand-alone profile of 鈥楢+鈥�
and final rating of 鈥楢+.鈥�
鈥淭he stable outlook reflects our expectation that during the two-year outlook period,
UCM鈥檚 operating results will remain positive on a full-accrual basis, enrollment will
rise as expected by management, and financial resources will continued to grow,鈥� Ramchandani
said. 鈥淲e expect any additional debt issuance to be commensurate with maintenance
or growth of financial resource ratios.鈥�
