Financial Statement Highlights
- During 2002-03 the University's longterm debt decreased to $444.1 million.
- Principal payments of $27.0 million were made during the year.
- Ratings were reviewed by Moody's and Standard & Poor's in conjunction with Revenue Bonds, Series 2003.
- Existing ratings were confirmed. A1 Moody's (October 2003), A+ Standard & Poor's (November 2003).
- Excerpts of most recent (2003) rating agency opinions:
Moody's Investors Service rating is based on the University's:
- Diversified enrollment, with highly reputable graduate programs complementing the University's improved undergraduate demand profile;
- Strong performance by the health system, although heavy exposure to health care remains a risk;
- Healthy financial resources and modest additional near term debt plans; and
- Good operations, driven by revenue growth in the healthcare and research enterprises.
Standard & Poor's rating reflects:
- History of balanced financial operations;
- Successful fundraising efforts and growth in sponsored research;
- Relatively stable demand trends, with good selectivity coupled with strong student quality and good student retention; and
- A large endowment ($131,000 per student).