Fitch Ratings announced it has raised Ivy Tech Community College’s (Ivy Tech or the College) “AA” credit rating to a “AA+” rating. This upgrade communicates the confidence Fitch Ratings has in the College’s financial position, and is the highest rating from Fitch in the College’s history.
"Our financial strength allows us to to innovate and invest in our students while shifting the paradigm of higher education to adapt more quickly to Indiana’s workforce needs, all while keeping tuition affordable," said Dr. Sue Ellspermann, President of Ivy Tech.
According to Fitch, the upgrade to “AA+” reflects the College’s established trend of very strong operating performance that has steadily expanded reserves and available funds. The rating also reflects the College’s historically strong cash flow margins, significant liquid reserves, and very favorable debt leverage ratios maintained through a Fitch-modeled stress scenario.
“The rating upgrade by Fitch Ratings speaks to Ivy Tech’s consistently strong financial management practices and implementation of strategic initiatives that promote growth and ensure operational excellence,” said Dom Chase, Senior Vice President of Business Affairs and Chief Financial Officer. “Our campuses continue to focus on financial stability while investing in our communities to support the success of our students, faculty, and staff.
“Fitch views ITCC’s demand profile as competitive given its proven resilience from serving a range of populations through a diversified mix of credential programs, while retaining strong market position in its broad reach through its multiple campuses throughout the State of Indiana,” the report states.
