Delaware Valley University Revenue Bonds Earn Upgrade from Fitch Ratings
Delaware Valley University announced today that its revenue bonds have earned an investment grade rating of BBB- with a stable outlook from Fitch Ratings, one of the nation’s “Big 3” credit ratings agencies.
The ratings upgrade reflects several years of work by the University to implement cost savings and identify new sources of revenue in the wake of fiscal challenges caused primarily by the nationwide decline in undergraduate enrollment and exacerbated by the COVID-19 pandemic.
“The ratings upgrade is an endorsement of DelVal’s commitment to fiscal discipline and strengthening the University’s finances while improving our competitiveness,” said DVU President Benjamin E. Rusiloski. “It will significantly reduce the University’s borrowing costs going forward, and it follows a lot of hard work and shared sacrifice by all segments of the DelVal community. Best of all, the Fitch upgrade is a clear sign that we have turned a corner in terms of positioning the University for future growth.
“But the reality is that we have more corners to navigate in the months ahead,” said Rusiloski. “We’re on the right path, but we need to stay on the path of identifying cost savings and finding new ways to generate the revenue we need to invest in new programs and our existing facilities.
“I want to take this opportunity to publicly thank all those in our community who have participated in the shared sacrifices we have made for the sake of DelVal’s future – including our dedicated faculty and staff as well as our leadership team and the Board of Trustees,” said Dr. Rusiloski. “We couldn’t have gotten this far without you, but we need your continued participation to meet the challenges that are still to come.
“Together, we are building a bright future for DelVal.”