Standard & Poor’s downgrades UNM’s credit rating
ALBUQUERQUE, N.M. (AP) — The University of New Mexico’s long-term credit rating has downgraded amid reductions in state funding and enrollment declines.
Standard & Poor’s Financial Service recently reduced the university’s long-term rating by one level, from “AA” to “AA-.” But S&P also revised the school’s rating outlook from negative to stable.
The S&P ratings reflect an institution’s ability to repay long-term debt. It’s also based on financial data for multiple fiscal years, including the fiscal year ending in 2019.
S&P said in a report the university’s rating could improve if enrollment grows and debt and financial resources improve further.
Senior Vice President for Finance and Administration Teresa Costantinidis says the University of New Mexico still has the highest rating of any higher education institution in the state.