Rating College Debt- A Case Study of Union College

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Rating College Debt- A Case Study of Union College

Union CollegeUnion I Digital WorksHonors ’IhesesStudent Work42887Rating College Debt: A Case Study of UnionCollegeLaura MuellerL'nioit Cữilege - Schen

Rating College Debt- A Case Study of Union Collegenectady, NYhollow this and additional works at: https://digitalworks.union.edu/thesesÓ* Part of the Finance Commons, and the Higher Education CommonsR

ecommended CitationMueller, Laura, "Rating College Debt: A Case Study of Union College’ (2017). Honors Thiíỉ.i. 63.https://digital\»wksAinion.edu/thes Rating College Debt- A Case Study of Union College

es/63This Open Access is brought to you for free aid open access by the Student Work at Union I Digital Works. It has been accepted for inclusion in H

Rating College Debt- A Case Study of Union College

onors Theses by an authorized administrator of Union I Digital Ubrks. For more iniortrutivn, please contact digit.ilworksia'unionxdu.Rating College De

Union CollegeUnion I Digital WorksHonors ’IhesesStudent Work42887Rating College Debt: A Case Study of UnionCollegeLaura MuellerL'nioit Cữilege - Schen

Rating College Debt- A Case Study of Union CollegenomicsUNION COLLEGEJune. 2017ABSTRACTRating College Debt: A Case Study of Union CollegeDepartment of Economics. June 2017.Advised by: Professor Tomas

DvorakOn Friday. March 3rd President Stephen Ainlay made an announcement of “the largest, most expensive. most complex project in Union's history.” Pr Rating College Debt- A Case Study of Union College

esident Ainlay is referencing the massive rebirth of one of Union’s most central academic buildings. Science and Engineering, rhe three-phrase buildin

Rating College Debt- A Case Study of Union College

g project will take an estimated three years and cost a total of S100 million. About $50 million of this project will lie financed through debt. This

Union CollegeUnion I Digital WorksHonors ’IhesesStudent Work42887Rating College Debt: A Case Study of UnionCollegeLaura MuellerL'nioit Cữilege - Schen

Rating College Debt- A Case Study of Union Collegemethodology on Union’s rating. While the elimination of some criteria like matriculation and selectivity may help Union's rating, the addition of othe

r criteria like total wealth negatively impact Union's standing. I find that even after including S50 million of new debt Union should retain its Al r Rating College Debt- A Case Study of Union College

ating. To strengthen Union's case for an Al rating 1 conduct a peer comparison to help Union navigate Moody's new rating methodology. 1 also explore p

Rating College Debt- A Case Study of Union College

otential ways to structure the additional debt and discuss the pros and cons of each option.1Rating College Debt: A Case Study of I nion CollegeTable

Union CollegeUnion I Digital WorksHonors ’IhesesStudent Work42887Rating College Debt: A Case Study of UnionCollegeLaura MuellerL'nioit Cữilege - Schen

Rating College Debt- A Case Study of Union Colleger Union College...........................................31.1Background on Bonds, Municipal Bonds, and CreditRatings..............................31.

2Higher Education Borrowing................................................................61.3Tax-Exempt Debt Regulations............................ Rating College Debt- A Case Study of Union College

...................................71.4The Higher-Education Bond Market..........................................................8

Union CollegeUnion I Digital WorksHonors ’IhesesStudent Work42887Rating College Debt: A Case Study of UnionCollegeLaura MuellerL'nioit Cữilege - Schen