BIDDEFORD — The University of New England has announced it has received a financial rating of A3 by Moody’s Investors Service. In addition, it received an A- from Fitch Ratings

The university announced Thursday that University President Danielle Ripich and Vice President of Finance and Administration Nicole Trufant received notice of the ratings while attending the most recent meeting of the National Association of College and University Business Officers in New York City.

The report makes note of UNE’s substantial market growth over the last five years, an increase of 32 percent, and said the university has “very good” programmatic diverisity in health sciences and arts and sciences. The report also praised the university’s spendable cash and investments, which have nearly tripled to $118 million in the last five years.

“Moody’s has confirmed what we know about the University of New England. We have financial depth, which will secure the future for our students and the longevity of the University. The institution’s financial leadership is reflected in this ranking,” said Ripich, who was described by the report as the “driving force behind the university’s rapid growth.” 

The report also says that “with long-term financial plans that incorporate reasonable assumptions, the university is well positioned to maintain its strong financial position and bolster financial reserves.”

Like Moody’s, the Fitch Ratings report points to several key ratings drivers including sound financial management, moderate debt burden and enrollment growth. The report states, “UNE has grown total FTE (full-time equivalent) enrollment by over 30 percent in the past five years, largely by adding or expanding its graduate and professional programs in the health and social sciences fields. UNE has solid overall demand at the undergraduate and graduate levels and has been very effective in aligning its offerings to the market.”

The Fitch Ratings report also credits UNE’s strong financial management practices, which “include centralized administration and controls, very conservative budgeting assumptions, and annual production of five-year budget plans by academic unit and at the university level. Large annual surpluses have allowed the university to build reserves, fund capital needs and make strategic investments in growth areas.” 
 
Trufant says the report shows promise for the university’s longevity. “These reports from Moody’s and Fitch recognize UNE’s strategic planning in connection with significant enrollment growth. Through the leadership of President Ripich and senior administration, the university has secured a strong financial future offering a diversity of programs that meet the market’s needs.”