Fitch Ratings has assigned an 'A' rating to the following bonds issued on behalf of Stockton University.
--$211 million of New Jersey Educational Facilities Authority (EFA) Revenue and Refunding Bonds, series 2016A;
--$70 million Atlantic County Improvement Authority (ACIA), Stockton University General Obligation Lease Revenue Bonds (Atlantic City Campus Project), series 2016A.
The EFA bonds will sell via negotiation on or about the week of June 27. Proceeds will refund outstanding EFA bonds for savings (2006F, 2007G, 2008A), fund about $25 million of capital projects at the main Galloway campus, and pay costs of issuance.
The ACIA bonds will sell via negotiation on or about the week of July 11. Proceeds will fund a portion of the construction costs of a residence hall and a parking garage to be constructed in Atlantic City, NJ and pay costs of issuance.
In addition, Fitch has downgraded $203 million of EFA bonds issued on behalf of Stockton to 'A'from 'A+'. The Rating Outlook has been revised to Negative from Stable.
