UH given strong ratings for revenue bonds for construction of Kakaʻako Health and Wellness CenterUniversity of Hawaiʻi at Mānoa
External Affairs & University Relations
Wick Sloane, (808) 956-8201
Chief Financial Office
The University of Hawaiʻi has earned strong ratings by three national financial rating agencies for the issuance of $150-million in series 2002A revenue bonds to finance construction of the medical school‘s health and wellness center at Kakaʻako.
The ratings are:
A+ - Fitch
Aa3 - Moody‘s
A+ - Standard & Poor‘s
"I welcome this great news for the university and for the Health and Wellness Center project," said UH chief financial officer Wick Sloane. "The ratings recognize the inherent strengths of the university and also reflect a belief that the medical school and cancer research center will be a vital component in the state‘s economic development."
Standard & Poor‘s cited "new strategic efforts to improve the university‘s competitiveness in research, fundraising and academic-program innovation." Its analyst predicted a stable outlook for the institution, with the expectation that additional revenue diversity would help "to insulate the university from fluctuations in the state‘s tourism-based economy."
Fitch Ratings declared, "The new bond security is strong." Moody‘s noted that the university is supported by its position as the sole public higher education provider for the state, historically modest self-supported debt levels, good levels of financial reserves and a positive operating performance despite a "constrained " state funding environment over the last ten years.
To view the Fitch Ratings statement, please visit the Web at:http://www.fitchibca.com/corporate/events/press_releases_detail.cfm?pr_id=63510.
For Moody‘s Investor Services statement, see: http://www.moodys.com/moodys/cust/research/genoa/Report/New%20Issue/600029898/2001400000390767.asp?frameOfRef=municipal&namedEntity=New+Issue
See the Standard and Poor‘s release at:http://www.standardandpoors.com/RatingsActions/RatingsNews/PublicFinance/index.html