Assumption maintains 'A-minus' rating from S&P
Assumption College of Worcester has maintained its “A-minus” credit rating from Standard & Poor’s after an assessment of the school’s finances, which includes a record endowment fund balance, the school announced.
This is the second consecutive fiscal year Assumption has earned the rating, the school said in a statement. The college’s endowment, with a market value of $101 million, grew 9.9 percent over fiscal 2013, and it turned in its 38th consecutive balanced annual budget.
The 2014 fiscal year didn’t come without its challenges, as Assumption laid off 15 staff members in February.
“Despite the challenges that face many New England colleges, Assumption College is pleased with this independent affirmation of our efforts to serve as effective stewards of the college’s financial resources as we provide a valuable education to students,” Assumption President Francesco C. Cesareo said in a statement. “The Standard and Poor’s rating reflects the prudent management of Assumption’s investment portfolio and the wide breadth of support from alumni and other benefactors.”
Assumption said S&P cited a number of attributes regarding the strength of Assumption’s financial management, including: a solid balance sheet, the endowment, relatively low debt, conservative budgeting and operating surpluses. S&P also recognized Assumption’s increase in enrollment deposits from members of the current freshman class, as well as its above-average academic profile and the college’s strong, five-year retention rate.
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