Rutgers receives financial rating upgrade

Following a period of financial uncertainty, Rutgers University has received a rating upgrade.

NJ.com 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.

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.

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Information from: NJ Advance Media.