S&P Global Ratings Reaffirms TTU System’s AA+/Stable Long-Term Credit Rating
This is the third consecutive AA+/stable credit rating the Texas Tech University System
has received from Standard & Poor's since 2016.
July 9, 2020 | Contact: Scott Lacefield
Gary BarnesOne week after Moody’s Investors Service reaffirmed the Texas Tech University System’s long-term credit rating of Aa1, Standard & Poor’s (S&P Global), one of the most influential credit rating organizations in the world, has reaffirmed the TTU System’s long-term credit rating of AA+ with a stable outlook.
The TTU System’s Aa1/stable credit rating from Moody’s and AA+/stable rating from S&P Global solidifies the four-university component system’s place among the nation’s elite higher education institutions for financial strength and practices.
“We are beyond pleased that both Moody’s and S&P Global continue to recognize the long-term financial strength and investment strategies of the Texas Tech University System,” said Gary Barnes, vice chancellor and chief financial officer of the TTU System. “I commend our university CFOs and System financial and investment teams for their responsible and deliberate approach to managing our financial resources.”
The reaffirmed credit rating reflects S&P Global’s assessment of the TTU System’s enterprise profile as very strong, characterized by growing enrollment and freshman application with comprehensive course offerings and increasingly diverse operations with its four component institutions: Texas Tech University, Texas Tech University Health Sciences Center, Angelo State University and Texas Tech University Health Sciences Center El Paso.
John Walker“Receiving a positive credit rating from Moody’s and S&P Global once again speaks to the trust and excellence of our finance and investment leadership and to the financial health of our universities,” said John Walker, regent and chairman of the finance and administration committee.
S&P Global also listed the TTU System’s history of positive operating performance, solid available resources—including its more than 300,000 alumni and strong history of fundraising—and sizable endowment as strengths of the enterprise.
The TTU System has received three consecutive AA+/stable ratings by S&P Global following an upgrade to AA+/stable in 2016 and another AA+/stable rating in 2018.
About the Texas Tech University SystemEstablished in 1996 and headquartered in Lubbock, Texas, the Texas Tech University System is a $2 billion higher education enterprise focused on advancing higher education, health care, research and community outreach. Consisting of four universities – Texas Tech University, Texas Tech University Health Sciences Center, Angelo State University and Texas Tech University Health Sciences Center El Paso – the TTU System collectively has approximately 55,000 students, 17 campuses statewide and internationally, more than 300,000 alumni and an endowment valued at over $1.3 billion.
During the 86th Texas Legislature under the leadership of Chancellor Tedd L. Mitchell, M.D., legislative funding and authority was provided to establish a new Texas Tech University veterinary school in Amarillo and a new dental school at Texas Tech University Health Sciences Center El Paso. This will be the state’s first veterinary school in more than a century and first dental school in over 50 years. The addition of these two schools makes the TTU System one of only nine in the nation to offer programs for undergraduate, medical, law, nursing, pharmacy, dental and veterinary education, among other academic areas.