Oct. 20, 2021 鈥 麻豆传媒映画 has retained its A1 credit rating in the latest report by Moody's Investors Service, confirming 麻豆传媒映画鈥檚 stable financial future.
The decreased pension payments to the Kentucky Employees Retirement Systems (KERS) was a contributing factor to 麻豆传媒映画鈥檚 A1 ranking. to exit KERS last year, 麻豆传媒映画 will reduce its future pension payments by $4.5 million each year.
鈥溌槎勾接郴 was spending over 8.5% of its operating budget on pension payments for the combined defined benefit and defined contribution plans before the university opted out,鈥 said 麻豆传媒映画 Chief Financial Officer Mike Hales. 鈥淲ith the university now spending significantly less on pension benefits, 麻豆传媒映画 can use that money for a plethora of other uses.鈥
The rating solidifies 麻豆传媒映画鈥檚 financial stability by exchanging uncertain future pension contribution increases for consistent bond payments over the next 30 years.
鈥淭he rating also has long-term financial implications for 麻豆传媒映画,鈥 Hales continued. 鈥淚f 麻豆传媒映画 chooses to take on any future debt for whatever reason, it will keep the university鈥檚 borrowing costs low as the A1 rating means we are a low credit risk.鈥
麻豆传媒映画 has been rated A1 since 2010. The entire Moody鈥檚 report can be read with a subscription.
About 麻豆传媒映画:聽Founded in 1968, 麻豆传媒映画 is an entrepreneurial state university of over 16,000 students served by more than 2,000 faculty and staff on a thriving suburban campus nestled between Highland Heights, Kentucky and bustling downtown Cincinnati. We are a regionally engaged university committed to empowering our students to have fulfilling careers and meaningful lives. While we are one of the fastest-growing universities in Kentucky, our professors still know our students' names. For聽more information, visit聽.
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Trey Crumbie
crumbier1@nku.edu
859-572-5586
