{"id":135782,"date":"2023-03-08T06:30:07","date_gmt":"2023-03-08T11:30:07","guid":{"rendered":"https:\/\/webapp2.wright.edu\/web1\/newsroom\/?p=135782"},"modified":"2023-03-08T15:00:18","modified_gmt":"2023-03-08T20:00:18","slug":"wright-state-receives-another-credit-rating-upgrade-from-moodys","status":"publish","type":"post","link":"https:\/\/webapp2.wright.edu\/web1\/newsroom\/2023\/03\/08\/wright-state-receives-another-credit-rating-upgrade-from-moodys\/","title":{"rendered":"Wright State receives another credit rating upgrade from Moody\u2019s"},"content":{"rendered":"

\"\"<\/a>In yet another significant affirmation of the financial stewardship and future direction of Wright State University and increased confidence in the university, Moody\u2019s Investors Service has upgraded the university\u2019s credit rating to A3 and revised the institution\u2019s outlook from stable to positive.<\/p>\n

Moody\u2019s Investors Service, which provides international financial research on bonds issued by commercial and government entities, announced March 7 that it assigned Wright State University an issuer rating of A3, an upgrade from the Baa1 rating it assigned the university in 2021.<\/p>\n

More favorably, Moody\u2019s has also changed its outlook on Wright State from stable to positive.<\/p>\n

Read the press release from Moody\u2019s (subscription required)<\/a>.<\/p>\n

Moody\u2019s said the improved rating was driven by a material strengthening of Wright State\u2019s financial performance and balance sheet position. The continued demonstration of budgetary discipline amid challenging revenue and operating conditions was also cited.<\/p>\n

In recent years, the university successfully executed a right-sizing of expenses to mitigate revenue declines. Moody\u2019s reports that Wright State\u2019s net tuition revenue was stabilizing in fiscal 2023 following a multiyear trend of declines, indicating \u201cprogress in strengthening student demand.\u201d<\/p>\n

Moody\u2019s described the university\u2019s cash reserves as \u201csolid\u201d and \u201cflexible\u201d and said its reserve balance should \u201ccontinue to provide for strong coverage of both operating expenses and the steadily diminishing levels of debt.\u201d<\/p>\n

Additionally, modest growth is expected in fiscal year 2023, and the university has no plans to issue debt in the near term.<\/p>\n

\u201cThe recent ratings upgrades signal the strength of Wright State University\u2019s future,\u201d said Greg Sample, the university\u2019s executive vice president and chief operating officer. \u201cMoody\u2019s has acknowledged the specific management actions taken to stabilize the university\u2019s operating infrastructure and how Wright State is clearly moving in the right direction.\u201d<\/p>\n

\u201cWright State\u2019s A3 issuer rating is supported by its good brand and strategic positioning, strong fiscal management and favorable financial profile,” Moody\u2019s said. “Despite a prior record of enrollment and net tuition revenue declines, the university continues to serve an important role as a large public university provider with an affordable pricing structure, diverse programs and accretive external partnerships.\u201d<\/p>\n

Doug Fecher, chair of Wright State\u2019s Finance, Audit, Governance and Compliance Committee, said Moody\u2019s rating demonstrates the positive outcome of fiscal discipline and conservative financial management.<\/p>\n

\u201cThe university has steadily grown itself to a position of strength from which it can now invest strategically to make significant strides in the success of our student customers,\u201d said Fecher.<\/p>\n

Tom Gunlock, chair of the Wright State Board of Trustees<\/a>, said he is very pleased with the ratings upgrade.<\/p>\n

\u201cThe announcement by Moody\u2019s affirms the direction Wright State is heading under a very strong and stable leadership team guided by President Sue Edwards,\u201d said Gunlock. \u201cWe are excited about what\u2019s ahead and will remain focused on serving our students and the region in the years to come.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Moody\u2019s Investors Service upgraded Wright State University\u2019s credit rating to A3 and revised the institution\u2019s outlook from stable to positive. Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":21,"featured_media":69862,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[725,715],"tags":[],"class_list":["post-135782","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-news-sidebar","category-news"],"_links":{"self":[{"href":"https:\/\/webapp2.wright.edu\/web1\/newsroom\/wp-json\/wp\/v2\/posts\/135782","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/webapp2.wright.edu\/web1\/newsroom\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/webapp2.wright.edu\/web1\/newsroom\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/webapp2.wright.edu\/web1\/newsroom\/wp-json\/wp\/v2\/users\/21"}],"replies":[{"embeddable":true,"href":"https:\/\/webapp2.wright.edu\/web1\/newsroom\/wp-json\/wp\/v2\/comments?post=135782"}],"version-history":[{"count":9,"href":"https:\/\/webapp2.wright.edu\/web1\/newsroom\/wp-json\/wp\/v2\/posts\/135782\/revisions"}],"predecessor-version":[{"id":135845,"href":"https:\/\/webapp2.wright.edu\/web1\/newsroom\/wp-json\/wp\/v2\/posts\/135782\/revisions\/135845"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/webapp2.wright.edu\/web1\/newsroom\/wp-json\/wp\/v2\/media\/69862"}],"wp:attachment":[{"href":"https:\/\/webapp2.wright.edu\/web1\/newsroom\/wp-json\/wp\/v2\/media?parent=135782"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/webapp2.wright.edu\/web1\/newsroom\/wp-json\/wp\/v2\/categories?post=135782"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/webapp2.wright.edu\/web1\/newsroom\/wp-json\/wp\/v2\/tags?post=135782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}