Higher education bonds

The City Colleges of Chicago is planning to issue $201 million in unlimited tax GO refunding bonds, bolstered by an upgrade and a new positive rating outlook.

The College of Saint Rose, a private Roman Catholic school in Albany, said Friday it plans to close after this academic year.

Villanova University in Pennsylvania is rescuing bondholders who own debt of Cabrini University, a small nearby Catholic school that is closing in 2024.

The data indicates that 2023 could be "the potential start of a long-feared trend toward more higher ed impairments and, possibly, defaults," MMA's weekly Outlook report said.

At least two schools are facing the legal costs of terminating the transactions as well as pursuing alternative financing for almost $500 million in construction projects.

Economic and demographic trends working against revenues at U.S. higher education institutions are very evident in West Virginia at the start of the school year.

The rating agency removed the negative outlook it had assigned after the community college district's accreditation was threatened.

While the university remains current on bond payments, it is not financially stable, sources say.

The annual survey shows a rising number of university leaders who are eying P3s for a range of services and infrastructure.

Mr. Wolfe worked at Goldman Sachs, Prudential Securities, E-Bond Trade.com, Merrill Lynch and ButcherMark Financial Advisors. He also led the Illinois Health Facilities Authority and had advisory roles for the city of Phoenix, New York City Health and Hospitals Corp. and Dartmouth College.