TCU today announced that after an extensive review of the university’s financial practices, revenues and student demand, two investment firms, Moody’s Investors Service and Fitch Ratings, have assigned Aa3 and AA- ratings respectively to the university in relation to its $80 million variable rate demand revenue bonds, Series 2006.

The two agencies also reported a stable outlook for the university. The Aa3 and AA- ratings are significant because they reflect strong financial rankings given by the agencies. The ratings will also apply to an additional $20 million in bonds the university plans to issue in early 2007 to further support new construction and renovation on the campus. TCU has received the Aa3 Moody’s rating for bonds issued over the past eight years.

“TCU is an excellent institution and the thorough review of our finances and subsequent high quality ratings by these well-known agencies confirms the financial integrity and fortitude of this university,” said Brian Gutierrez, vice chancellor for finance and administration. “We will now confidently move forward with one of our stated strategic goals, to develop a campus environment that will enhance the TCU experience through continued and increased interaction between faculty and students, more on-campus living, and a pedestrian-friendly campus.”

The bonds will fund the creation of a campus commons area, which includes a new university union, four residential halls that will house approximately 625 students, and a large green mall space that will provide increased interaction among students and faculty. Additionally, the bond proceeds will be used to move parking to external areas of campus, provide the additional infrastructure support for the new facilities and renovate current academic and student life facilities.

In their review, Moody’s and Fitch found that TCU:

• Has a sound student market position and a stable enrollment resulting from strong student demand;

• Exhibits balanced financial operations;

• Has a strong endowment that is currently ranked 58th in the nation

For more information on the bond rating, contact Gutierrez at 817-257-7815.

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