Harper College maintains coveted Aaa rating

Harper College has maintained its Aaa rating from Moody’s Investor Services, a testament to the college’s long history of fiscal stewardship.

Harper is one of the few Illinois community college districts to hold the bond credit rating company’s highest possible rating.

“Maintaining this Aaa rating, despite the challenges of the past year and the unknown long-term economic impact of the pandemic, demonstrates our commitment to sound financial practices as we provide quality education for our students,” said Dr. Avis Proctor, president of Harper College. “It also reflects our strong community and their ongoing support of the college.”

In a February 10 report assigning its Aaa rating, Moody’s cited the college’s very strong and stable financial reserves, a moderate debt burden and low reliance on operating aid from the state. The college has also worked to carefully manage its resources during the pandemic, with Moody’s noting that the “coronavirus outbreak has had relatively limited impacts on the college’s economic base and financial profile.”

A stable outlook reflects the college’s strong financial position and “budgetary options to mitigate unexpected variances in the current environment,” according to the Moody’s report.

The Aaa rating enables the college to obtain lower interest rates in bond sales, refinancing and refunding initiatives, benefiting taxpayers. Moody’s latest issuance was a required step as Harper prepares to issue $4.5 million in bonds to fund necessary deferred maintenance projects at the college.