Today, S&P Global Ratings raised its long-term rating to BB- from B+, and revised the outlook to positive from stable on bonds issued for Sweet Briar College.
“The rating upgrade reflects our view of the college’s successful implementation of various measures intended to stabilize the college’s operations,” according to S&P’s release. “In fiscal 2018, the management team has reset tuition to aid student affordability and solidly reduced operating expenses and the full-accrual deficit compared with the previous year.”
This is the third straight year the New York-based financial information and analytics company expressed confidence in the College’s management and fiscal operations. In 2017, S&P raised the rating to B+ from B.
“While I am gratified by the upgrade based on our managerial actions, I am deeply mindful that it was really an effort that involved the entire community,” Meredith Woo, president of Sweet Briar College, said. “At Sweet Briar, it is always about the students. The upgrade gives us confidence that we are on our way to serving our students to the best of our ability.”