EUGENE, OR – Lane Community College President Mary Spilde announced at the college's Board of Education meeting this week that Standard & Poors has upgraded the college's credit rating, noteworthy in itself, but also in contrast to 15 global banks whose ratings were downgraded by Moody's less than a month ago.
The college's latest $38 million general obligation bonds issue was given an AA+ long term rating, and the overall college credit rating was upgraded to AA- from A+.
In addition, Lane's full faith and credit obligations rating was upgraded to AA- from A+.
The outlook on all ratings of past bond issues was pronounced stable and also upgraded to AA- from A+.
In its report, S&P commended Lane for "good financial policies and practices, and low debt burden."
The bond issues are from the 15-year, $83 million bond approved by voters in November 2008 to renovate, upgrade and remodel workforce training and education facilities. The college made two issues, one for $45 million in June 2009, and the $38 million in July 2012. Once bonds are sold, the college has three years to invest funds, so projects have to be ready to go.
Lane is an equal opportunity/affirmative action institution. Visit online at www.lanecc.edu or www.twitter.com/lanenews or www.facebook.com/lanecommunitycollege
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Media contact: Joan Aschim, PIO, (541) 463-5591, aschimj@lanecc.edu