Link to CCU Home Page
Link to Quick Links
Link to Search Link to CCU Home Page
News Releases
spacer image
 
September 1, 2014   
Posted: May 13, 2014
Fitch, Moody’s assign strong ratings to CCU bond issue

Two major credit rating agencies have assigned strong ratings to a $36.6 million revenue bond series issued by Coastal Carolina University. Fitch Ratings has assigned an “A+” rating to the bond issue, and Moody’s Investor Service has assigned an “A1” rating.

The Moody’s report cites CCU’s “stable market position as a regional public university with strong out-of-state student draw, county tax support that can be applied to debt service payments, continued healthy cash flow, and growing flexible reserves.” Fitch’s report notes that CCU’s operation is “driven by stable to growing enrollment and an adequate balance sheet cushion.”

The bonds, expected to sell on or around May 21, will be used to fund the construction of the second phase of the planned student housing facility project.

The Fitch report notes that CCU’s enrollment “has grown steadily over the past several years as demand has remained strong from both in- and out-of-state applicants” and that, although the university has a high pro-forma debt burden, it has “successfully managed through cycles of state cuts.” The report also noted the limited state appropriations CCU receives and the benefits the university derives from the local penny education sales tax.

“These reports recognize the favorable financial position that Coastal Carolina University has attained through effectively managing all aspects of the institution,” said CCU President David A. DeCenzo.

Search Options:
Select Specific Year(s):
2014 2006
2013 2005
2012 2004
2011 2003
2010 2002
2009 2001
2008 2000
2007
View ALL Archived News
 
Link to CCU Home Page
University Policies | Site Policies | Contact Us
© 2014 Coastal Carolina University | P.O. Box 261954, Conway, SC 29528-6054 | +1 843-347-3161