LUBBOCK, TX -- The Fitch bond rating company updated the Texas Tech University System’s credit rating on Wednesday – giving the Lubbock-based university the highest possible rating. The rating is an F1+ which gives Texas Tech an advantage when borrowing money. Tech will theoretically be able to get the lowest possible interest rates.
Fitch said, “TTUS’s financial resource base remains solid.”
Fitch also said that Tech’s current debt is low, specifically, “TTUS’s maximum annual debt service obligation represented a modest 3.7% of fiscal 2012 operating revenues.”
Fitch also cited growing enrollment, and growing revenues.
“The system has averaged a 6.7% operating margin over the last five years.”
Fitch says the system has almost 45,000 students which includes the main campus, Angelo State University, the Health Sciences Center and the El Paso HSC campus.