Fitch Ratings has affirmed its stable outlook and A-minus rating for the University of Medicine and Dentistry of New Jersey.
Affected are $258.1 million of New Jersey Educational Facilities Authority revenue refunding bonds, Series 2009B, and $200.2 million of UMDNJ bonds, Series 2002A.
Fitch's affirmation comes as a task force appointed by New Jersey Gov. Chris Christie is weighing a plan to break up the university by putting its public health school and one of its medical schools under the umbrella of Rutgers University.
In 2006, Moody's Investors Service downgraded UMDNJ's rating and placed it on watch following a federal investigation into corruption and misspending. Three years later, Moody's gave the school a Baa2 and considered it a moderate credit risk with a negative financial outlook.
The university has an enrollment of 6,000 students in three medical schools, a graduate school of biomedical sciences, a school of health-related professions, a nursing school, and a public health school.
