S&P Global Ratings Reaffirms TTU System’s AA+/Stable Long-Term Credit Rating
March 23, 2023 | Contact: Scott Lacefield
Tedd L. Mitchell, M.D.For the seventh consecutive year, S&P Global Ratings has reaffirmed the Texas Tech University System’s (TTU System) AA+ long-term credit rating with a stable outlook, the organization announced earlier this week.
S&P Global Ratings, one of the most influential credit rating organizations in the world, solidifies the TTU System’s place among the country’s elite institutions for financial strength and practices as one of only 26 public higher education institutions in the nation receiving a rating at AA+ or better.
“Reaffirmation of our long-term credit rating is a testament to the financial strength, stability and excellence of the Texas Tech University System,” said Tedd L. Mitchell, M.D., chancellor of the TTU System. “This achievement wouldn’t be possible without the guidance and expertise of our financial leadership teams at our system administration and universities. Our position of strength also is due to our enrollment management and retention professionals – this is truly a collective team effort that benefits our entire enterprise.”
S&P Global Ratings assessed the TTU System’s enterprise portfolio as very strong, characterized by growing enrollment – in tandem with the addition of Midwestern State University (MSU Texas) to the system in 2021 – along with stable and consistent retention rates across the system’s five component institutions: Texas Tech University, Texas Tech University Health Sciences Center, Angelo State University, Texas Tech University Health Sciences Center El Paso and MSU Texas.
James Mauldin“These external assessments are critical indications of the Texas Tech University System’s financial strength and strategic priorities,” said James Mauldin, vice chancellor and chief financial officer of the TTU System. “I am grateful for the dedication and effort of our university CFOs, along with our system financial and investments teams, for their work to responsibly manage our system’s resources, which consistently positions our system for continued success.”
S&P Global Ratings also describes the TTU System’s strengths as having comprehensive course offerings and increasingly diverse operations across its component institutions; significant and increasing student demand as is characterized by increasing first-year applications; and a history of positive operations, healthy available resources and a sizable endowment.
The TTU System’s long-term credit rating was upgraded by S&P Global Ratings to AA+ in 2016 and has been reaffirmed with a stable outlook by the organization every year since.
About the Texas Tech University System
Established in 1996, the Texas Tech University System is one of the top public university
systems in the nation, consisting of five universities – Texas Tech University, Texas Tech University Health Sciences Center, Angelo State University, Texas Tech University Health Sciences Center El Paso and Midwestern State University.
Headquartered in Lubbock, Texas, the TTU System is a $2.65 billion enterprise focused on advancing higher education, health care, research and outreach with approximately 21,000 employees and 63,000 students, more than 375,000 alumni, a statewide economic impact of $16.4 billion and an endowment valued at $1.7 billion. In its short history, the TTU System has grown tremendously and is nationally acclaimed, operating at 24 academic locations in 21 cities (19 in Texas, 2 international).
In addition, the TTU System is one of only nine in the nation to offer programs for undergraduate, medical, law, nursing, pharmacy, dental and veterinary education, among other academic areas.