Higher education bonds

"Higher education is going to be facing continued challenges in the near term," said Tom Kozlik, managing director at Hilltop Securities.

The approval last month by Texas voters of a constitutional amendment to create an endowment fund led S&P Global Ratings to revise the school's outlook to positive from stable.

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.

Escalating costs, particularly for wages, could strain budgets or drain reserves, the rating agency said.

The ruling striking down affirmative action may bring a fresh headwind to the higher education space, which already faces soft enrollment trends.

The Nevada System of Higher Education regents are expected to select a new chancellor by the end of June. Former treasurer Kate Marshall is a finalist.

Community colleges will be rewarded based on results that align with regional and state education and workforce needs.

The negative outlook assigned to Portland State University's bonds by Moody's Investors Service affects $195 million of debt.

California senators approved a school bond measure that supporters say could help reduce the state's $117 billion in school construction needs.

The private Medaille University is closing its doors after failing to sell itself to a nearby college. It has more than $20 million of bond debt.

The acrimonious relationship between the university and its private partner has spilled into the courts and underscores that P3 deals don't remove all risks.