In an affirmation of the Austin Community College District’s financial strength, Standard & Poor’s has raised the college’s bond rating from A to AA-. That is an increase of two rating levels.
“This is a testament to the college’s financial strength, at a time when much of the nation’s economy is in a recession,” says Dr. Stephen B. Kinslow, ACC president/CEO. “We are responsibly managing the funds entrusted to us by district taxpayers and students.”
Standard & Poor’s says the upgrade reflects ACC’s consistently strong financial operations, increasing enrollment, and a tax base that has grown due to the college’s recent annexation of Round Rock into the district.
The AA- rating makes ACC eligible for lower interest rates on the college’s bond issues. Standard & Poor’s also gave the AA- rating and stable outlook to the college’s 2009 revenue and refunding bonds, worth nearly $40 million. Upon approval by the Board of Trustees, those bonds will be used to help the college “land bank” – the process of seeking land purchase opportunities in areas where the college may grow.
About the Austin Community College District (austincc.edu):
ACC, Central Texas’ community college, is the primary gateway to higher education and career training for residents in eight counties. The college provides access to affordable, quality education. ACC enrolls more than 40,000 credit students, offering university transfer courses, two-year associate degrees, certificates, Early College Start, access programs that get students “college-ready,” and continuing education. At ACC you can “Start here. Get there.”Back to Top