Iona College’s bond rating from Moody’s Investors Service has been upgraded to positive. Moody’s pointed to a number of reasons for the outlook upgrade, including continued solid operating cash flow, growth in reserves from retained surpluses in budget and steady debt reduction over the past several years. The report also noted Iona’s track record of strong fiscal discipline and healthy debt service coverage and the increased donor support and rising endowment.
“Iona College has kept an especially sharp eye on managing its expenses, maintaining positive cash flow, fundraising to grow the endowment and for the exciting capital projects on our campus. This is welcome news,” said Anne Marie Schettini-Lynch, senior vice president for Finance and Administration. “We are pleased with Moody’s positive outlook and affirmation of our bond rating as it reflects the College’s continued fiscal discipline and responsible stewardship at a time when so many institutions of higher education face challenging financial headwinds.”