Higher education bonds

Higher education is facing serious headwinds, and many leaders within the sector see P3s as an avenue for innovation and efficient operation.

The alma mater of former President James Garfield and current U.S. Rugby Olympian Kristi Kirshe plans to sell $108 million of bonds next week to help fund a new art museum and a multipurpose recreation center, according to bond documents.

North Dakota's Bismarck State College returned to the market, pricing $30 million of bonds, with proceeds used to finance the construction of an 80,000-square-foot athletic center.

S&P Global Ratings is concerned that fall freshmen enrollment will be down significantly after dropping last year.

The legislature dodged broad changes to education or transit, but bet big on business-friendly initiatives.

The Phoenix-based school's debt was rated a notch above junk — to BBB-minus by Fitch Ratings ahead of a refinancing of bonds from a 2021 issue.

Rider University, a small private college outside of Trenton, New Jersey, is trying to raise additional funds to help an ongoing liquidity crunch. 

Two universities at opposite ends of the state received Moody's downgrades this week.

S&P Global Ratings dropped Houghton University to BB-plus from BBB-minus, citing a track record of deficits plus a large operating shortfall.

Oversight Board Executive Director Robert Mujica said the only recently released fiscal 2022 ACFR showed revenues and expenditures continue to be imbalanced.