(Indianapolis, IN) – S&P Global has raised Ivy Tech Community College’s “AA” bond rating to an “AA+” rating signaling confidence in the college.
The rating is the highest from S&P in College history.
“Ivy Tech’s ‘AA+’ bond rating reflects our long-standing commitment to financial stewardship,” said Dr. Sue Ellspermann, President of Ivy Tech. “Our financial strength allowed us to support our students and freeze tuition during the pandemic, as well as leverage federal relief funds to provide free textbooks for all students during the 2021-23 academic years. These investments and many more innovations have allowed us to turn the cost curve down on higher education, serve students better, and grow enrollment.”
“This bond rating upgrade is a testament to Ivy Tech’s consistently sound fiscal planning and demonstrates our unwavering commitment to the stewardship of student and taxpayer investments,” said Dom Chase, Senior Vice President of Business Affairs and Chief Financial Officer. “This raised rating underscores the high-quality education Ivy Tech provides and allows the institution greater flexibility to invest in the future of our students, faculty, and staff.”
According to S&P, the upgraded rating is a result of their “view of the college’s seasoned management team and sound fiscal planning and policies. The financial risk profile reflects our view of ITCC’s consistently positive operations, good financial resources, and manageable debt.”
Further, the report gives credit to the Indiana General Assembly’s financial support of the College through operating dollars and support of debt service.
“ITCC’s leadership team is sophisticated, experienced, and highly capable, providing a solid foundation of oversight guided by detailed strategic planning efforts,” the report states.
There are three primary bond rating agencies – Fitch, Moody’s, and S&P Global.
Ivy Tech has historically worked with Fitch and S&P to evaluate its ability to meet its debt obligations as it relates to capital. These agencies monitor financial conditions in an ongoing way and conduct a thorough annual review.
(Ivy Tech Community College press release)
