Moody's recently affirmed the university's B1 rating with a negative outlook on
A B1 rating is below investment grade, is considered speculative and is subject to high credit risk, according to Moody's.
University officials had been hopeful
"As our president has repeatedly said, if distance is measured in miles traveled, we have come quite a distance. I actually see this rating as a positive as there was no further downgrade," Munson said.
Last year, Moody's downgraded the university's bond rating from Ba2 to B1 with a negative outlook. The credit rating agency in its 2013 review cited stagnant enrollment growth and aggressive tuition discounting.
In the 2014 report, Moody's cited enrollment declines, tuition discounting, thin financial resources and cash flow, and aging campus structures that would require upgrades in the future.
The report, however, did recognize that Wittenberg President
Munson said the university made inroads in changing its financial outlook over the last year, but has not yet met all of its goals.
"The analysts look at many different indicators, including prior fiscal year results, a projection of the current year and projections for the next fiscal year. While we experienced many positive improvements, we still have some distance to travel," he said.
The report noted plans by university administrators for about
"The actions taken since the president joined in (fiscal year) 2012 resulted in a halt in the deterioration in operations and liquidity.
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