With Moodys and Standard&Poors rating services reaffirming West Virginia Universitys bond ratings atA1andA+,respectively, the University is now poised to move forward this week with notices advertising the sale of revenue bonds that will finance more than $150 million in capital projects at WVU and its regional campuses and the refund of outstanding bonds.
Gary Rogers, vice president for administration, finance and human resources, said he is pleased with the rating services reviews.
The rating agencies have validated that WVU is being managed efficiently in an environment of declining state appropriations and fewer high school graduates in West Virginia,he said.
These ratings are timely as the University is preparing to sell $225 million in revenue bonds to construct, renovate and update academic and auxiliary facilities on our University campuses,he added.
The ratings are supported by the Universitys flagship status and position as the only land-grant, research, doctoral-level institution in West Virginia, according to the rating services.
They are further bolstered by WVU s comprehensive academic programs; the largest enrollment in the state at nearly 29,000 full-time equivalent students; benefits from the fund-raising success and endowment support of the WVU Foundation; positive operating performance and debt service coverage; good support from the state; and enrollment growth.
Notable projects in the upcoming bond sale include: acquisition of Summit Residence Hall and construction of two new residence halls in Morgantown and one in Keyser; construction of a plant pathology facility; renovations to Brooks, Oglebay, Colson, White and Allen-Percival halls; improvements and upgrades to athletic facilities; and the establishment of a state fire academy at Jacksons Mill, among others.
The WVU Board of Governors reaffirmed its resolution to issue the bonds at its Nov. 5 meeting. The rating reports can be viewed athttp://www.wvu.edu/~adminfin/