Rutgers receives financial rating upgrade

MarketsAssociated Press

Following a period of financial uncertainty, Rutgers University has received a rating upgrade. reports Moody's Investor Service upgraded its outlook of Rutgers' from negative to stable. Moody's attributes the rating upgrade to the university's ability to break even and produce growth.

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Moody's was concerned with Rutgers' 2013 merger with the University of Medicine and Dentistry of New Jersey. The firm says Rutgers' ability to attract out-of-state students and continued independence from state financial support helped with the rating improvement.

University officials say the stable outlook will lower borrowing costs. Rutgers currently has a $100 million credit agreement with Bank of America.

The school plans to use credit for new facilities for science and engineering programs among other projects.


Information from: NJ Advance Media.