LUBBOCK, Texas (PRESS RELEASE) — The following is a press release from Texas Tech University System:
For the third time in the last four years, the Texas Tech University System (TTU System) had its long-term credit rating of AA+ Outlook Stable reaffirmed by Fitch Ratings, the corporation announced last week (Aug. 18).
The TTU System also received a AA+ Outlook Stable rating from Fitch in 2018 and 2020.
“This is an accomplishment we never take for granted,” said Gary Barnes, TTU System’s vice chancellor and chief financial officer. “Our reaffirmed bond rating places the Texas Tech University System and our universities among the nation’s elite. Despite the challenges we have faced recently due to the ongoing pandemic, we have achieved a third straight Outlook Stable rating, which speaks to our system’s unwavering strength across our universities. Our financial operations, investments and university advancement teams continue to provide exemplary services which leads to this success.”
Fitch attributes TTU System’s rating to its operating revenue profile, which features a strong, growing enrollment and diversified revenues with historically solid operating and capital support. Fitch also profiled the TTU System’s substantial endowment and investment balances and debt leverage ratios.
The consistent upward trajectory of the Texas Tech University System’s bond ratings provides our universities with significant strength and stability,” said Tedd L. Mitchell, M.D., chancellor of the TTU System. “I appreciate the leadership and deliberate approach to our financial operations and strategic investments led by Vice Chancellor and CFO Gary Barnes. I’d also like to congratulate the financial leadership teams at our component institutions, under the leadership of our CFOs, along with our investment team and fundraising professionals for providing our system with a solid financial foundation.
About the Texas Tech University System
Established in 1996 and headquartered in Lubbock, Texas, the Texas Tech University System is a $2 billion, higher-education enterprise focused on advancing higher education, health care, research and community outreach. Consisting of four universities – Texas Tech University, Texas Tech University Health Sciences Center, Angelo State University and Texas Tech University Health Sciences Center El Paso – the TTU System collectively has approximately 57,000 students, 21 academic locations in 18 cities (16 in Texas, 2 internationally), more than 300,000 alumni and an endowment valued at over $1.3 billion.
(Press release from Texas Tech University System)