Mercy College's 'A' Stable Outlook Credit Rating Reaffirmed by Standard & Poor's
Mercy College today announced its 'A' Stable Outlook, credit rating was reaffirmed by Standard & Poor's Rating Services, which is evidence of the College's strong capacity to meet its financial commitments and maintain a healthy financial outlook.
DOBBS FERRY, N.Y., Aug. 23, 2019 /PRNewswire-PRWeb/ -- Mercy College today announced its 'A' Stable Outlook credit rating was reaffirmed by Standard & Poor's Rating Services, which is evidence of the College's strong capacity to meet its financial commitments and maintain a healthy financial outlook.
The rating report stated that Mercy College's healthy financial resources relative to debt, consistent and strong operating margin, potential for enrollment growth, careful expense control and healthy financial outlook was a key reason for the reaffirmation. In assigning the 'A' rating with a stable outlook, Standard & Poor's also cited the agreement with The College of New Rochelle (CNR) to provide CNR students with an uninterrupted pathway to achieving their college degrees.
"Standard & Poor's rating recognizes Mercy College's keen fiscal responsibility, management and stability," said Bruce J. Haber, Chairman of the Board of Mercy College. "The College's significant progress is the result of the efforts of our committed Board of Trustees and is a credit to the leadership of President Tim Hall and his team. Since he joined the College in May of 2014, President Hall has been ambitious in advancing programs and partnerships to further enhance student success and we look forward to future achievements under his leadership."
Mercy College has maintained its 'A' rating since 2012. The rating reflects the view that over the next two years Mercy College will maintain robust operating margins, realize enrollment growth related to the transition of students from CNR and its investment in the MercyManhattan campus, achieve its other enrollment goals, and continue to build its financial resources through prudent long-term investments and asset management.
"The 'A' rating by Standard & Poor's is a testament to Mercy College's ongoing financial stewardship and management," said President Tim Hall. "This demonstrates Mercy's commitment to strategic growth and investment, which will allow the College to continue to provide the absolute best outcomes for students."
The impressive rating caps a year of unprecedented momentum for Mercy College. Following the March 2019 agreement between Mercy College and CNR, Mercy plans to register 1,700 CNR students for classes, has received approval to teach several CNR academic programs adding to its 90+ existing academic offerings, has made offers to hire more than 70 faculty and staff and has negotiated leases to use three CNR Campuses. In addition, Mercy is greatly expanding its Manhattan Campus, known as MercyManhattan, to more than 95,000 square feet over the next two years. The state-of-the-art building will give students the academic, technological and interpersonal tools to be successful in the 21st century workforce.
Proud to be ranked as one of the most affordable, not-for-profit, private institutions in the country, Mercy College is committed to educating students on the fundamental competencies that result in rewarding, in-demand careers. The College's rigorous programs and comprehensive support services provide students with a strong foundation for academic and future success.
Mercy has expanded its Personalized Achievement Contract (PACT) mentoring program, which has been cited as a core reason for the College's transformation and its students' successful outcomes, to include all graduate students. The revolutionary program addresses the national agenda to raise the number of college graduates in America to the highest in the world by 2020.
The College's focus on putting students first has resulted in outstanding recognition from numerous prestigious sources, as well as notable developments in its programs. The College has been recognized by the White House as a "Bright Spot in Hispanic Education," and has been named Westchester Magazine's 2019 Best College.
About Mercy College
Founded in 1950 by the Sisters of Mercy, Mercy College is an independent, coeducational college that offers more than 90 undergraduate and graduate degree and certificate programs within five schools: Business, Education, Health and Natural Sciences, Liberal Arts and Social and Behavioral Sciences. The vibrancy of the College culture is sustained by a diverse student body from around the region. The College offers campuses in Dobbs Ferry, Bronx, Manhattan and Yorktown Heights with additional teaching locations in New Rochelle, Brooklyn and Harlem as well as online offerings.
SOURCE Mercy College
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