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
- IBM and Columbia University have partnered to develop a facility dedicated to blockchain technology research, education, and innovation. The center, named the Columbia-IBM Center for Blockchain and Data Transparency, is intended to advance exploration into how blockchain technology can be utilized for "secure multi-party computation, homomorphic encryption, secure hardware, fraud reduction, and improving precision medicine through insight from collective data sources."
- The Ohio-based Cleveland Clinic Health System plans to privately place bonds denominated in pound sterling for the equivalent of about $530 million to finance a new hospital in central London.
- The Treasury Department announced Monday that it will no longer require certain nonprofit organizations to disclose identifying information about their donors to the Internal Revenue Service (IRS). Treasury Department officials claim that the policy change will save public and government resources and prevent the accidental release of confidential information.
- Bridgepoint Education announced Tuesday that accreditor WASC Senior College and University Commission approved the merger of its subsidiary institutions, Ashford University and University of the Rockies. The merged institutions will take on the Ashford University name.
- Addressing demand for graduate-level degrees, National University System announced the finalization of an agreement to acquire Northcentral University (NCU) and convert it to not-for-profit status.
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.