Moody's Downgrades Wesleyan University, Citing Excess Debt

Piazza, Johanna
June 2003
Bond Buyer;6/30/2003, Vol. 345 Issue 31667, p38
Trade Publication
Another private school in New England is issuing too much debt for the liking of Moody's Investors Service. Wesleyan University, one of the nation's most selective liberal arts colleges, has been downgraded by the rating agency to Aa3 from Aa2 as it prepares to issue $62 million of auction-rate securities through the Connecticut Health and Educational Facilities Authority. The revised rating affects $171 million of outstanding debt and is assigned a stable outlook. In spring of 2003, Williams College and Deerfield Academy, both elite private institutions in Massachusetts, lost their coveted Aaa rating from Moody's after taking on new debt and increasing the leverage in their debt portfolios.


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