October 15, 2010
UMass Credit Rating Gets A Boost
By Brandon Butler
The University of Massachusetts' bond rating improved from AA- to AA, according to Fitch Inc., the New York-based rating agency.
The improvement will allow the university to save on borrowing costs. The university system has plans to borrow about $567.6 million for new construction in Amherst, Dartmouth and Boston this year.
It's part of a $2.2 billion, 10-year construction pipeline, which includes the $330 million Albert Sherman Center, a new biomedical research and academic center at the UMass Medical School in Worcester.
The Fitch Rating agency pointed to the university's "prudent management," a diverse revenue base and for the school being the "preeminent public higher education institution in Massachusetts."
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