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Fitch Ratings Announces Revised Rating Outlook on New Jersey City University to Stable
NEW YORK, N.Y. | Fitch Ratings has revised the Rating Outlook on the Issuer Default Rating (IDR) and bond rating for New Jersey City University (NJCU) to Stable from Negative, the rating organization announced on November 13.
Fitch has also affirmed the 'BB+' IDR and bond rating on approximately $136 million of outstanding par (FYE 2023) New Jersey Educational Facilities Authority (NJEFA) bonds, series 2007F, 2010G, 2015A, 2016D, 2021A and 2021B, issued on behalf of NJCU.
The positive outlook is the second for the university this calendar year after Moody's Ratings upgraded NJCU’s outlook from ‘negative’ to ‘stable’ in February. This year’s two upgrades in rating and outlook are the first in more than a decade.
“The upgrade in NJCU’s Fitch rating is a clear reflection of the significant strides we've made in strengthening the University’s financial position and overall stability,” said NJCU Interim President Andrés Acebo. “This achievement underscores the effectiveness of our leadership team's ongoing efforts to address challenges, improve operational efficiency, and position the University for the future. We’re grateful for the State Monitor’s consultative and collaborative support as we work to secure the long-term sustainability of our indispensable mission. Our efforts were bolstered by the State’s substantial stabilization funding investment in NJCU for fiscal years 2024 and 2025 as well as appropriations for operations, pension costs, and outcomes-based measures.”
“Moody’s also upgraded the University’s outlook to “stable” earlier this year. These enhanced ratings put us in a better position as we explore long-term strategic relationship options that will enable NJCU’s mission to thrive while also ensuring the best outcomes for all students.”
The change in NJCU's rating Outlook to Stable follows significant progress toward achieving fiscal balance despite continued pressure on student enrollment, and management's ongoing execution of multiple asset monetization projects under oversight from a state-appointed fiscal monitor. Together with continued state support, NJCU's actions not only alleviate immediate liquidity concerns, but help rebuild the balance sheet and potentially provide some funding for much-needed capex.
The full announcement from Fitch Ratings can be accessed here or via PDF.
RELATED NEWS COVERAGE | ||
Date | Media Outlet | Title (Link) |
11/14/2024 | Hudson County View | Following Moody’s, Fitch Ratings upgrades NJCU rating from negative to stable |
11/18/2024 | Higher Ed Dive | |
About NJCU:
New Jersey City University is a comprehensive public regional institution committed to providing a high-quality education to a diverse student population. Located in Jersey City, New Jersey, NJCU offers a wide range of undergraduate and graduate programs and is dedicated to fostering an inclusive and supportive environment for learning, professional development, and community engagement. Recognized as a top university for improving upward economic social mobility, students enrolled in our undergraduate, graduate, or doctoral programs have access to an affordable, diverse environment, and an exceptionally supportive faculty. This prepares them to go on to become the next generation of workers and leaders who improve their communities and the State of New Jersey.
Contact:
Ira Thor, Associate Vice President for University Communications and Marketing | ithor@njcu.edu | 201-200-3301