Mott Community College: MCC Earns Continued A+ Rating From S&P 

Fenton MI

16 August, 2022

3:10 PM

Description

Press release from Mott Community College: Dawn Hibbard Aug 9th, 2022 Mott Community College, has received an A+ credit long term rating from Standard and Poor's (S&P) Global Ratings on the College's $20 million facilities bond obligation. The S&P rating is a credit score that describes the general creditworthiness of a company, city, or country that issues debt. S&P rates how likely debt will be repaid from the entity in question. The A+ rating enables MCC to raise capital at better interest rates. S&P is a leading index provider and data source of independent credit ratings. It is the provider of the popular S&P 500 Index as well as several other global market indices. "This is excellent news!" said MCC President, Dr. Beverly Walker-Griffea. "Our A+ rating shows that MCC maintains positive and stable financial operations, due to our good management practices. It is concrete evidence of how important our College is as an anchor institution for the sustainability of Flint and Genesee County," she said. Having an A+ rating has enabled the College to borrow at historically low rates saving taxpayers nearly $2,000 in interest over the life of previous bonds, according to Larry Gawthrop, Chief Financial Officer. "The A+ rating supports our commitment to exercising fiscal responsibility using taxpayer dollars," he said. In its Rating Report to MCC, S&P Global Ratings stated the rating reflects its view of the College's diversifying economy that benefits from its proximity to Oakland County; strong financial position, reflecting the college's conservative budgeting practices, which has led to consistent surplus operations despite declining enrollment; and good management practices and policies. The stable outlook reflects S&P Global Ratings' expectation that the college will maintain its stable financial performance, and subsequently it strong reserve position, according to the report. This press release was produced by Mott Community College. The views expressed here are the author's own.