Moody’s Upgrades Rating On Some Of NCC’s Notes
Date posted - May 20, 2016
New York, New York — Moody’s Investors Service has upgraded some of Northwest Iowa Community College’s general obligation unlimited tax debt.
Moody’s says they have upgraded the debt from Aa3 to to Aa2. Concurrently, Moody’s has assigned an Aa2 rating to the college’s $1.7 million Taxable Industrial New Jobs Training Certificates, Series 2016-1. Following the current sale, the college will have $6.6 million of general obligation unlimited tax debt outstanding.
According to Moody’s, the upgrade to Aa2 incorporates the college’s large and diverse tax base in northwest Iowa, solid financial operations resulting in strong reserve levels despite recent enrollment declines, and modest debt and pension burdens.
The proceeds from 2016-1 certificates notes will provide funds for the new jobs training program at four companies that have entered into job training agreements with NCC in Iowa’s Industrial New Jobs Training Act.
Moody’s says you can visit moodys.com for more information.