Weekly Market Update

UNIVERSITY OF PITTSBURGH TRUSTEES VOTE TO FREEZE TUITION FOR IN-STATE UNDERGRADS

Thursday, July 19, 2018

Last month, the Pennsylvania legislature and Gov. Tom Wolf approved a budget that included a 3% increase in the appropriation for the University of Pittsburgh and the Commonwealth's other state and state-related universities. Thanks to this increase in state funding, the University of Pittsburgh will freeze base tuition for in-state undergraduate students at its five campuses this fall, the school's trustees voted Monday. The tuition for out-of-state undergraduates on the university's main campus will increase by 4.75%. The board of trustees' budget and executive committees unanimously approved the new tuition schedule, as part of a $2.3 billion operating budget for the 2018 fiscal year. "I am sure that finding these precious state resources was not an easy task, and our entire University community is grateful for [the] strong support, which allowed us to leave in-state tuition at last year's level for almost all of our undergraduate students," said Patrick Gallagher, Pitt's chancellor, in a news release.

In Other News

Rating Agency Update

  • Moody's downgraded Susquehanna University's rating from A2 to A3. The outlook is stable.
  • Moody's assigned Aa2 to Michigan State University's Series 2018A, B, C & D General Revenue Bonds.
  • Moody's affirmed Rochester Institute of Technology's A1 rating. The outlook is stable.
  • Moody's affirmed Rose-Hulman Institute of Technology's A1 rating. The outlook is stable.
  • Moody's affirmed Fort Lewis College's A2 rating. The outlook was revised from stable to negative.
  • Moody's affirmed Worcester State University's A2 rating. The outlook is stable.
  • Moody's assigned Aa1 and S&P assigned AA to University of Nebraska Facilities Corporation's Series 2018 Facilities Bonds. The outlook is stable.
  • S&P lowered University of Montevallo's rating from A+ to A. The outlook is stable.
  • S&P affirmed Pacific University's BBB rating. The outlook is stable.
  • S&P affirmed Rosalind Franklin University of Medicine and Science's BBB+ rating. The outlook is stable.
  • S&P assessed Davidson College's rating as AA+. The outlook is stable.
  • S&P affirmed Loyola University of Chicago's A rating. The outlook was revised from stable to positive.