Grayson College in strong financial position according to bond rating agencies
Date: Wed, October 5, 2016 12:00 AM
October 5, 2016 – (DENISON, TX) Grayson College is committed to providing strong fiscal stewardship with regard to its debt management practices, and has recently received outstanding ratings from two bond rating agencies.
Fitch Ratings has assigned a ‘AA’ rating to the college. Fitch upgraded the district’s Issuer Default Rating (IDR) and the rating on outstanding general obligation bonds to ‘AA’ from ‘AA-’.
The upgrade of the district’s IDR and limited tax ratings reflects application of Fitch’s revised criteria for U.S. state and local governments. The revised criteria highlight the district’s demonstrated and anticipated operating financial resilience through cyclical downturns.
“Fitch has upgraded our financial rating for the second consecutive time,” said Dr. Jeremy McMillen, Grayson College President. “It is important to note that the rating process is more involved than in the past because agencies are looking at previous performance as well as future prospects.”
Moody’s Investors Services affirmed an Aa2 underlying rating to the college. The Aa2 rating reflects the district’s strong financial operations, ample reserves and liquidity, and a modest fixed cost burden. The Aa2 also reflects the district’s small but stable tax base with below average wealth levels.
Additional information about the Fitch rating can be found here http://www.businesswire.com/news/home/20160930005878/en/Fitch-Rates-Grayson-County-Jr-College-District , and additional information about the Moody’s rating can be found here https://www.moodys.com/research/Moodys-Assigns-Aa2-GOLT-to-Grayson-Junior-College-District-TX--PR_903595483 .
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