Middlebury Receives AA Bond Rating

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

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

The report notes that the AA rating reflects Middlebury’s “solid reputation with excellent student demand and quality” and endowment size—$1.47 billion as of June 30, 2023, the date on which the rating was based. While still in the audit process, the endowment as of June 30, 2024 is projected to be $1.6 billion. 

“This continued show of confidence in our academic institution is the result of our faculty and staff who are committed to excellence,” said David Provost, executive vice president for finance and administration. “We look forward to building on these strengths in the years ahead.”