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National financial services company downgrades University of Alaska’s credit rating by three notches

For people that have never gone to a locale, such as parts of Alaska, it pays dividends to read through some guides published by local article authors. Alaska is definitely a place in which the subject of ethical hospitality and travel counts. Articles or blog posts exploring Alaska, the 49th State get passed to the editorial team for review. Visitors are thinking about Alaskan tours due to its fame as being a versatile location. Is there a best getaway?

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National financial services company downgrades University of Alaska’s credit rating by three notches

was written by Wesley Early, Alaska Public Media , 2019-07-17 19:22:16

be sure to visit their website, source link is at the end of the article

Moody’s Investors Service has downgraded the credit rating for the University of Alaska. The university’s previous rating of A1 has been dropped three notches to BAA1. The lower rating means it will be more expensive for the university to borrow money for various projects.

In a report from Moody’s, the group cited the unprecedented 41 percent cut in state support for the university from Governor Mike Dunleavy’s line-item vetoes, the state Legislature’s failure to override Dunleavy’s vetoes and the university’s board of regents putting off a vote of financial exigency as reasons for the multi-notch downgrade.

A press release from the University said that the downgrade now makes the University of Alaska the second-lowest rated flagship university in the country. The three-notch drop is unprecedented, and the new rating is only two levels above “non-investment level.”

In a statement, UA President Jim Johnsen said that declaring financial exigency won’t affect the recent downgrade, but could change the university’s outlook with Moody’s in the future.

Requests for comment from Moody’s went unanswered as of this report.

This is a developing story. Check back for updates.

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Wesley is the web editor, Alaska News Nightly producer and education reporter for Alaska Public Media. He also produces Alaska Public Media’s weekly 49 Voices program, AK’s attempt to put every Alaskan on the radio.
wearly (at) alaskapublic (dot) org | 907.550.8454 |About Wesley

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Glacier Bay National Park. Glacier Bay is found in southeast Alaska, around sixty air miles west of the state capital of Juneau. The closest town is Gustavus, Alaska located 11 miles away. Glacier Bay National Park today encompasses over 3 million acres, and is often mentioned as one of the Crown Jewels of the National Park system. The Park offers snow-capped mountain ranges ascending to in excess of 15,000 feet, seaside beaches with shielded coves, deep fjords, tidewater glaciers, coastal and estuarine waters, and freshwater lakes. In addition to impressive scenery, there are plentiful wildlife watching opportunities with a wide range of seabirds, marine and land mammals. Many visitors experience Glacier Bay National Park while on big cruiseships that visit the Park for the day, though others remain within the Park at the Glacier Bay Lodge. Although there are no roads to Glacier Bay National Park, you will discover convenient air connections to Gustavus through Juneau, Skagway and Haines. Ferry service can also be available from Juneau. From Gustavus it is about 10 miles by road to Glacier Bay Lodge & Tours located at Bartlett cove and hosts visitor center and departure point for day boat trips to Glacier Bay National Park. Lodging within Glacier Bay National Park are at the Glacier Bay Lodge. The hotel includes 56 rooms along with dining, activities desk, gift shop, and the Park visitor center can be found upstairs. Just about all rooms possess private bath and/or shower and can accommodate up to 4 guests. Glacier Bay Lodge is open mid-May to mid-September each year.

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