Through a recent review and campus site visit, Moody’s Investor Services has assigned an A3 underlying rating and Aa2 enhanced rating to Hocking College’s $22 million of General Receipts Improvement Bonds, Series 2013.
The enhanced Aa2 rating is based upon support from the Ohio Credit Enhancement Program for community and technical colleges. The underlying Moody’s A3 rating is stable. The rating outlook for the enhanced rating is stable based on the State of Ohio's (Aa1 G.O. rating) current outlook.
According to the Moody’s Investor Services report, “The A3 underlying rating and stable outlook reflect Hocking College's important role as an access oriented and low cost provider of higher education in the Appalachian region of southeast Ohio, balanced operating performance and adequate debt service coverage.”
Gina Fetty, Vice President of Financial Services, noted this as a significant achievement for Hocking College. “As this is the first time Hocking College has gone through the rating process with Moody’s Investor Services, we are extremely pleased with the rating and that they have confirmed in their report the stability and positive outlook of the institution.”
Hocking College is preparing for an upcoming bond issuance to help fund the purchase of two residence halls from the Hocking College Foundation, improve the information technology infrastructure and replace the fire alarm systems throughout campus.