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Debt and Bonding

Peer Bonding Ratings


FY 2017

Northern Arizona University A1/A+
Bowling Green State University A1/A+
George Mason University A1
Georgia State University Aa3
Kent State University-Kent Aa3/A+
Northern Illinois University Ba2
Ohio University Aa3/A+
Old Dominion University A+
Southern Illinois University Ba2/BB
University of Akron A1/AA
University of Alabama Aa2/AA
University of Maine AA-
University of Nevada-Las Vegas Aa2
University of North Carolina-Greensboro Aa3
Western Michigan University A1/A
Wichita State University Aa3





Highest Quality Aaa AAA
High Quality Aa1 AA+
A1/A+ AA
Aa3 AA-
Upper Medium Grade A1 A+
A2 A
A3 A-

We assessed NAU’s enterprise profile as very strong characterized by growing enrollment, increased applications, offset by weaker selectivity and matriculation compared with those of peers. We assessed NAU’s financial profile as strong with fair financial resources relative to operations although slightly offset by negative operating margins. The system’s debt burden is high, although it is cushioned to some degree by state support for slightly more than 26% of total debt. We believe that, combined, these credit factors lead to an indicative stand-alone credit profile of ‘a+’ and a final rating of ‘A+’.

— Standard and Poor’s, July 25, 2018

Source: NAU

Debt Overview

<!-- [et_pb_line_break_holder] --><p class="sourceText">Source: NAU</p>