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

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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

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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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