Middlebury Affirms AA Bond Rating

Standard & Poor’s Global Ratings has affirmed its AA long-term credit rating with a stable outlook for Middlebury. The strong rating is a testament to both the quality of Middlebury’s education, and the progress the institution has made in achieving financial sustainability in recent years. The rating also allows Middlebury to borrow funds at lower interest rates to finance renovation, construction, or other capital projects.

“We assessed Middlebury’s enterprise profile as extremely strong, with excellent demand and student quality, a broad geographic recruitment reach, multiple campuses, diverse programs, and fundraising success,” wrote Standard & Poor’s in their analysis. “We assessed Middlebury’s financial profile as strong, with a sizable endowment and an average debt burden consistent with the rating category.”

The report also noted Middlebury’s programmatic diversity, with “a liberal arts college in Vermont, niche foreign language programs in the U.S. and abroad, and graduate programs in Monterey, California”

The stable rating also acknowledges Middlebury’s progress in reducing a structural deficit on a path to financial sustainability.

“It’s gratifying to earn this vote of confidence in Middlebury’s institutional strength from Standard & Poor’s,” said David Provost, executive vice president for finance and administration. “While our work continues, it’s important to note how dedicated our faculty and staff have been in helping to reduce our deficit while preserving the excellence of a Middlebury education.”

Read the full Standard & Poor’s analysis here.