Default, Transition, and Recovery: 2024 Annual Emerging And Frontier Markets Corporate Default And Rating Transition Study
May 23, 2025 -… Looking at rating transitions by rating modifier (see table 14), EMFM rating transitions generally continue to follow global patterns, but there is some variation between adjacent rating categories; this in part reflects the sample sizes for each rating. Table 12 Average one-year corporate transition rates (%) Emerging market (1997-2024) From/To AAA AA A BBB BB B CCC/C D NR AAA 83.78 13.51 0.00 0.00 0.00 0.00 0.00 0.00 2.70 (39.10) (36.26) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (17.20) AA 1.36 88.01 8.45 0.00 0.00 0.00 0.00 0.00 2.18 (7.89) (16.33) (14.24) (0.00) (0.00) (0.00) (0.00) (0.00) (3.68) A 0.00 0.86 92.27 3.90 0.21 0.18 0.00 0.03 2.57 (0.00) (1.43) (4.63) (3.68) (0.70) (0.48) (0.00) (0.15) (1.25) BBB 0.00 0.01 1.82 88.05 4.01 0.32 0.13 0.10 5.56 (0.00) (0.08) (1.73) (5.30) (4.02) (0.99) (0.89) (0.32) (2.30) BB 0.00 0.00 0.01 3.59 81.12 4.33 0.54 0.54 9.86 (0.00) (0.00) (0.10) (2.47) (4.72) (2.50) (1.77) (1.10) (3.42) B 0.00 0.00 0.00 0.12 6.06 71.84 3.95 3.00 15.02 (0.00) (0.00) (0.00) (0.28) (3.84) (5.06) (3.65) (3.16) (3.73) CCC/C 0.00 0.00 0.00 0.00 0.35 15.55 50.23 17.05 16.82 (0.00) (0.00) (0.00) (0.00) (0.88) (13.76) (17.52) (14.13) (9.91) Frontier market (1997-2024) From/To AAA AA A BBB BB B CCC/C D NR AAA (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) AA 0.00 72.73 18.18 0.00 0.00 0.00 0.00 0.00 9.09 (0.00) (41.22) (40.66) (0.00) (0.00) (0.00) (0.00) (0.00) (20.33) A 0.00 4.00 88.00 4.00 0.00 0.00 0.00 0.00 4.00 (0.00) (13.88) (26.22) (20.06) (0.00) (0.00) (0.00) (0.00) (13.88) BBB 0.00 0.00 0.00 92.00 0.00 0.00 0.00 0.00 8.00 (0.00) (0.00) (0.00) (24.28) (0.00) (0.00) (0.00) (0.00) (24.28) BB 0.00 0.00 0.00 1.14 79.55 9.09 0.00 0.00 10.23 (0.00) (0.00) (0.00) (7.59) (24.09) (16.97) (0.00) (0.00) (19.67) B 0.00 0.00 0.00 0.00 2.33 81.98 6.40 2.33 6.98 (0.00) (0.00) (0.00) (0.00) (5.36) (16.17) (9.61) (7.40) (12.09) CCC/C 0.00 0.00 0.00 0.00 0.00 4.35 39.13 39.13 17.39 (0.00) (0.00) (0.00) (0.00) (0.00) (11.77) (36.67) (31.40) (31.35) Global (1981-2024) From/To AAA AA A BBB BB B CCC/C D NR AAA 87.28 8.92 0.51 0.03 0.10 0.03 0.05 0.00 3.08 (7.37) (7.16) (0.81) (0.13) (0.26) (0.17) (0.34) (0.00) (2.45) AA 0.45 87.73 7.50 0.44 0.05 0.06 0.02 0.02 3.73 (0.52) (5.17) (4.19) (0.65) (0.18) (0.19) (0.06) (0.07) (1.69) A 0.02 1.48 89.42 4.64 0.23 0.10 0.01 0.05 4.04 (0.08) (1.04) (4.07) (2.21) (0.36) (0.22) (0.06) (0.10) (1.71) BBB 0.00 0.07 3.05 87.33 3.21 0.40 0.09 0.14 5.71 (0.03) (0.14) (1.58) (4.09) (1.67) (0.62) (0.19) (0.23) (1.52) BB 0.01 0.02 0.10 4.44 78.88 6.25 0.51 0.56 9.23 (0.05) (0.08) (0.22) (1.88) (4.81) (3.14) (0.65) (0.76) (2.21) B 0.00 0.02 0.06 0.14 4.47 75.17 4.79 2.93 12.42 (0.00) (0.07) (0.17) (0.19) (1.98) (3.81) (2.59) (2.87) (2.27) CCC/C 0.00 0.00 0.07 0.13 0.40 13.18 45.06 26.13 15.03 (0.00) (0.00) (0.34) (0.53) (0.79) (7.18) (8.17) (11.29) (4.37) Note: The Emerging Market and Frontier Market figures are for the time period from 1997-2024. …
Americas Sovereign Rating Trends 2025: Average Credit Quality Hits Highest Point Since 2017
Dec 18, 2024 -… A larger and more diverse export sector, helping to reduce external vulnerability and strengthen economic resilience, could help stabilize the rating. Table 13 Colombia 2018 2019 2020 2021 2022 2023 2024e 2025e 2026e 2027e GDP per capita (in ‘000) 6.93 6.54 5.37 6.24 6.69 6.97 7.93 7.73 8.11 8.49 GDP growth 2.56 3.19 -7.19 10.80 7.29 0.61 1.70 2.49 2.83 2.89 GDP per capita growth 0.78 0.81 -8.99 9.33 6.12 -0.44 0.67 1.48 1.84 1.93 Current account balance/GDP -4.20 -4.58 -3.43 -5.64 -6.14 -2.52 -2.34 -3.34 -3.10 -3.10 Gross external financing needs/CAR&FXR 98.42 100.59 96.75 97.94 106.45 100.04 100.19 97.70 95.98 94.62 Narrow net external debt/CAR 122.33 125.44 179.52 148.61 116.21 130.52 119.35 125.66 123.09 122.07 GG balance/GDP -2.62 -2.16 -8.25 -8.28 -6.90 -3.87 -5.60 -5.10 -4.00 -4.00 GG net debt/GDP 43.35 45.59 59.35 59.34 57.31 53.27 56.73 58.17 58.52 58.85 CPI inflation 3.24 3.50 2.54 3.49 10.15 11.77 6.67 3.93 3.39 3.08 Bank credit to resident private sector/GDP 50.39 52.41 55.34 51.89 44.67 43.48 41.69 41.68 42.14 43.23 e--Estimate. …
S&P Global Ratings Definitions
Dec 2, 2024 -… Fund credit quality ratings are accompanied by fund volatility ratings (i.e., 'Af/S3')--when fund volatility ratings can be assigned--to communicate our opinion about certain risks not addressed by a fund credit quality rating. Table 5 Fund Credit Quality Ratings* Category Definition AAAf The credit quality of the fund's portfolio exposure is extremely strong. …
U.S. Not-For-Profit Transportation Infrastructure 2023 Medians: Demand And Revenue Growth Improved Financial Medians To Post-Pandemic Highs
Nov 12, 2024 -… The means and medians in the tables below should not be considered thresholds to achieving a particular rating. Table 2 U.S. transportation infrastructure sectorwide medians and means --Fiscal year (n=183)-- 2023 2022 2021 2020 2019 Total operating revenue ($000s) Median 90,029 77,851 63,178 74,560 96,814 Mean 347,866 309,201 249,638 241,089 310,429 Total operating revenue annual % change Median 9.8 23.8 (1.6) (14.5) 3.6 Mean 10.7 27.2 (3.4) (16.2) 4.7 Operating expenses ($000s) Median 83,364 76,065 65,814 69,263 71,664 Mean 324,213 281,022 253,780 265,144 271,252 Total operating expense annual % change Median 14.0 10.1 (2.8) (0.2) 5.5 Mean 15.5 10.6 (1.6) (1.9) 7.2 S&P Global Ratings net revenue ($000s) Median 66,856 62,551 35,474 39,385 56,648 Mean 231,452 201,482 146,915 119,305 192,790 Coverage (x) Median 2.02 1.79 1.37 1.27 1.83 Mean 3.24 2.95 2.03 1.92 2.7 Debt to net revenue (x) Median 5.9 6.8 7.5 9.7 6.6 Mean 7.8 7.3 11.7 12.9 7.5 Debt ($000s) Median 503,131 490,687 312,503 310,883 335,855 Mean 1,994,532 1,944,155 1,853,523 1,738,000 1,681,080 Unrestricted cash and investments ($000s) Median 199,622 175,170 124,921 104,094 107,950 Mean 456,955 421,916 331,388 285,679 281,828 Unrestricted days' cash on hand Median 663 648 607 490 465 Mean 951 909 884 777 714 Unrestricted reserves to debt (%) Median 33 29 24 23 24 Mean 127 123 121 87 73 Note: Mean and median calculations exclude Williamson and St. …
Australia, Canada, Mexico, And U.K. Public University Fiscal 2023 Medians: Credit Stability Holds But Cracks Are Beginning To Appear
Nov 12, 2024 -… Therefore, these medians should not be considered thresholds to achieve a particular rating. Table 1 Non-U.S. public universities--sectorwide ratios 2023 2022 2021 2020 2019 Sample size 22 22 19 19 19 ENROLLMENT AND DEMAND Total FTE enrollment Median 34,751 34,438 34,791 33,735 33,353 Mean 42,347 42,120 45,489 43,764 43,260 FTE enrollment change (%) Median 0.6 -0.4 2.9 2.1 2.6 Mean 0.8 0.1 3.7 0.9 2.6 Undergraduates as a % of total FTE enrollment (%) Median 76.6 78.4 76.9 75.7 76.5 Mean 77.7 78.2 77.4 76.8 77.4 Undergraduate selectivity rate (%)* Median 67.1 70.2 66.3 64.7 62.9 Mean 61.3 63.6 64.3 59.6 60.4 Retention rate (%) Median 91.5 91.7 92.7 92 91.6 Mean 89.9 89.7 91 90.5 90.7 Graduation rates (%) Median 79.1 81.8 81.2 80.2 79.4 Mean 74.3 74 72.7 72.8 73 FINANCIAL PERFORMANCE Net adjusted operating margin (%) Median 2.4 3.7 5.7 4.3 5.9 Mean 3.4 5.2 5.7 4.3 6.1 REVENUE DIVERSITY Government operating grants to revenue (%) Median 24.3 25.3 24.4 24 23.1 Mean 31.9 32.7 32.2 31.9 30.4 Student-generated revenue (%) Median 42 41.7 39.8 38.9 37.2 Mean 37.4 37.8 38.6 37.7 37.5 Grants and contracts to revenue (%) Median 14.6 14.4 15.2 14.9 15 Mean 14.4 14.8 16 15 15.4 Endowment and investment income to revenue (%) Median 3 1.3 4.5 2.2 3.5 Mean 3.6 2.2 5.9 2.5 4 ENDOWMENT University endowment market value (US$ '000s) Median 247,136 236,992 342,233 279,837 309,742 Mean 486,431 494,040 561,934 455,873 470,779 FINANCIAL RESOURCE RATIOS Cash and investments to operations (%) Median 73.8 80.1 105.2 96.6 101.4 Mean 96.1 98.7 116 98.5 95.3 Cash and investments to debt (%) Median 269.9 237.9 439.3 328.9 345.7 Mean 371.2 356.8 417.5 350.5 366 DEBT RATIOS Total debt outstanding (US$ '000s) Median 254,382 269,391 280,512 253,468 215,652 Mean 363,263 347,618 374,599 348,886 305,657 MADS burden (%) Median 2.7 2.9 3 3.7 3.2 Mean 4 4.5 3.8 4.5 3.8 Average age of plant (years) Median 10.7 10.7 9.1 8.3 8.4 Mean 10.4 10.4 10.1 9.7 9.8 FULL-TIME EQUIVALENT RATIOS Total debt per FTE (US$) Median 7,812 6,855 7,922 7,622 7,108 Mean 11,598 11,062 11,291 11,131 9,523 Government operating grants per FTE (US$) Median 6,036 6,010 6,236 6,170 5,936 Mean 7,346 7,102 7,069 6,759 6,356 Endowment per FTE (US$) Median 7,001 6,668 12,634 11,421 11,225 Mean 11,363 11,283 14,055 11,286 11,628 * Excludes Australian entities. …
U.S. Municipal Water And Sewer Utilities Rating Actions, Third Quarter 2024
Oct 29, 2024 -… Asotin County Public Utility District #1 WA A+ Stable New rating. Table 3 U.S. Municipal Water And Sewer Utilities Maintained Ratings, Summary Third Quarter 2024 Entity State Rating Outlook Ephrata Borough Authority PA A- Stable Kentucky Association of Counties Finance Corporation KY AA- Stable Orlando FL AAA Stable Kalamazoo MI AA- Stable Ohio Water Development Authority OH AAA Stable Indiana Finance Authority IN AAA Stable Trinity River Authority TX AA+ Stable Charleston SC AAA Stable Rural Water Financing Agency KY AA- Stable Fond du Lac Water WI A Negative Spartanburg County SC AA Stable Woonsocket Sewer RI A+ Stable Redwood City CA AA Stable Benton Washington Regional Public Water Authority AR A+ Stable Johnston County NC AA+ Stable Tampa FL AAA Stable Lewisville TX AAA Stable New York City Municipal Water Finance Authority NY AAA Stable Tampa Bay Water FL AA+ Stable Valley Sanitary District CA AA+ Stable Weber Basin Water Conservancy District UT AA+ Stable Kentucky Bond Corporation KY AA- Stable Honolulu City and County HI AA+ Stable Loudon TN A+ Stable Oregon Bond Bank OR AA+ Stable Polk County FL AA+ Stable Charlotte NC AAA Stable Denver Board of Water Commissioners CO AAA Stable Illinois Finance Authority IL AAA Stable Portage WI A Stable Exeter CA A Stable Macon Water Authority GA AA Stable Allegheny County Sanitary Authority PA AA- Stable Westmoreland County Municipal Authority PA A+ Stable Timpanogos Special Service District UT AA Stable Burgettstown-Smith Township Joint Sewerage Authority PA A Stable Harpeth Valley Utilities District TN AA+ Stable Mesquite TX AA Stable North Dakota Public Finance Authority ND AAA Stable Palm Coast FL AA- Stable Snoqualmie WA AA Stable North TX Municipal Water District TX AAA Stable Pasco County FL AA+ Stable Fredericksburg TX AA- Stable Tangipahoa Parish Sewerage District #1 LA A- Stable Camarillo Sanitary District CA AA+ Stable Huntsville AL AAA Stable East Baton Rouge Sewerage Commission LA AA- Stable Suburban Lancaster Sewer Authority PA A Stable Louisville and Jefferson County Metropolitan Sewer District KY AA Stable Cobb County Marietta Water Authority GA AAA Stable Tangipahoa Parish Water District LA A Stable Mesa Water District CA AAA Stable Knoxville Utilities Board TN AAA Stable Payson City UT A+ Stable San Diego CA AA+ Stable Indianapolis IN AAA Stable The Metropolitan District Hartford County CT AA Stable South Dakota Conservancy District SD AAA Stable Texas Water Development Board TX AAA Stable San Antonio TX AA+ Stable Watauga River Regional Water Authority TN A Stable Edmond Public Works Authority OK AA- Stable Del Puerto Water District CA BBB+ Stable Cincinnati OH AAA Stable Arizona Water Infrastructure Finance Authority AZ AAA Stable Vermont Bond Bank VT AA+ Stable Upper Occoquan Sewage Authority VA AAA Stable Maine Municipal Bond Bank ME AA+ Stable Metro Water Reclamation District of Greater Chicago IL AA+ Stable La Porte IN A- Stable Oklahoma Water Resources Board OK AAA Stable Stockton CA A Stable Onslow Water & Sewer Authority NC AA- Stable New York State Environmental Facilities Corporation NY AAA Stable Cleveland OH AA+ Stable Dorchester County SC AA Stable South Bullock County Water Authority AL A- Stable Gainesville GA AA Stable City of Westminster CO AAA Stable Pima County AZ AA Stable Virginia Resources Authority VA AAA Stable New Mexico Finance Authority NM AAA Stable Pleasant Grove UT A+ Stable Upper Trinity Regional Water District TX A+ Stable Sherman TX A Negative Tempe AZ AA- Stable Asheville NC AA+ Stable Peace River Manasota Regional Water Supply Authority FL AA Stable This report does not constitute a rating action. …
U.S. Community College District Fiscal 2023 Medians: A Reason For Optimism As A New School Year Gets Under Way
Oct 1, 2024 -… Therefore, these medians should not be considered thresholds to achieve a particular rating. Table 1 U.S. community colleges sectorwide fiscal 2023 medians 2021 2022 2023 Full-time-equivalent (FTE) enrollment (no.) 5,455 5,033 5,439 Service area population (no.) 265,455 267,780 265,768 Net (adjusted) operating income (%) 7.2 7.4 6.7 State appropriations dependence (%) 21.3 21.3 21.9 Student dependence (%) 17.6 16.9 18.0 Taxes and other local support dependence (%) 26.0 25.3 27.9 Cash and investments to operations (%) 81.3 88.6 100.5 Total cash and investments to total debt (%) 98.3 108.8 125.0 Average age of plant (years) 13.9 13.5 13.0 MADS burden (%) 8.4 8.4 9.0 Total debt per FTE ($) 14,309 14,419 14,852 State appropriations per FTE ($) 4,138 4,701 4,930 MADS--Maximum annual debt service. …
Ratings Rollercoaster: Ascent Of U.S. Theme Parks On Reopenings Has Likely Reached Its Peak
Jul 29, 2024 -… To the extent theme park operators commit to publicly articulated leverage targets, we believe they would increase leverage toward the higher end of the policy range given suitable greenfield expansions, acquisition opportunities, or shareholder returns, which would be above leverage tolerances at a higher rating. Table 1 U.S. theme park ratings Issuer Rating/outlook Upside trigger Downside trigger Base-case leverage forecast United Parks & Resorts Inc. …
U.S. Not-For-Profit Public College And University Fiscal 2023 Medians: Rising State Funding Offers Hope Amid Continued Demand Pressures
Jul 18, 2024 -… Therefore, these medians should not be considered thresholds to achieve a particular rating. Table 1 Public colleges and universities--Sectorwide fiscal 2023 ratios 2018 2019 2020 2021 2022 2023 Sample size 149 145 143 145 141 145 ENROLLMENT AND DEMAND Total FTE enrollment Median 19,541 19,426 18,773 18,650 18,397 18,100 Mean 35,268 35,929 36,248 35,484 36,152 36,308 FTE enrollment change (%) Median -1.0 -0.6 -0.5 -1.5 -1.9 -0.7 Mean 1.5 1.9 -0.7 -2.1 -1.9 -1.0 Undergraduates as a % of total enrollment Median 81.2 81.5 80.6 82.7 82.0 82.4 Mean 81.0 81.6 80.8 82.2 81.9 82.3 First-year acceptance rate (%) Median 71.8 72.7 71.8 75.1 77.8 79.6 Mean 69.9 70.4 70.3 72.9 75.7 75.1 First-year matriculation rate (%) Median 32.3 30.4 28.9 25.8 25.7 24.8 Mean 34.8 32.6 31.1 29.1 27.6 26.5 Average SAT scores Median 1147 1162 1171 1152 1188 1177 Mean 1152 1172 1173 1157 1183 1180 Average ACT scores Median 23.4 24.0 24.0 24.0 24.0 23.9 Mean 23.8 24.3 24.4 24.4 24.7 24.4 Retention rate (%) Median 80.6 80.3 80.0 82.0 80.2 80.0 Mean 80.0 80.3 80.7 81.3 79.9 79.9 Six-year graduation rate (%) Median 56.3 59 62.0 61.6 62.4 62.6 Mean 58.3 60.7 62.4 62.1 62.8 63.0 In-state students (%) Median 79.0 79.6 79.7 77.0 77.5 76.7 Mean 76.5 76.5 76.2 75.8 75.6 74.7 FINANCIAL PERFORMANCE Operating margin (%) Median 0.5 0.4 0.5 3.7 2.9 0.3 Mean 0.6 0.5 0.1 4.3 2.9 0.7 REVENUE DIVERSITY State appropriations to revenue (%) Median 21.5 21.1 20.9 21.4 20.7 22.9 Mean 23.0 22.1 22.2 21.8 21.9 23.4 Student-generated revenue (%) Median 47.6 47.3 46.4 41.9 42.3 43.3 Mean 45.1 45.4 44.4 40.1 40.7 41.3 Auxiliary revenue (%) Median 9.8 10.0 8.4 6.6 8.5 9.2 Mean 10.1 10.1 8.7 6.9 8.7 9.1 Grants and contracts to revenue (%) Median 9.7 10.1 10.5 10.8 11.3 11.5 Mean 11.1 11.4 12.1 12.0 12.3 12.7 Gifts and pledges to revenue (%) Median 1.6 2.0 1.8 2.1 2.5 2.0 Mean 2.1 2.2 2.2 2.4 3.1 2.5 Investment and endowment income to revenue (%) Median 1.0 1.1 1.0 1.2 0.4 1.3 Mean 1.8 1.6 1.5 3.4 0.2 1.6 FINANCIAL AID/EXPENSE RATIOS Financial aid burden as a percentage of expenses (%) Median 9.0 9.3 9.3 9.7 9.1 9.8 Mean 9.5 9.7 9.7 10.1 9.6 9.9 Instruction expense as a percentage of expenses (%) Median 26.9 26.7 26.2 25.4 23.1 23.3 Mean 27.8 27.6 27.5 27.3 24.8 24.5 Tuition discount rate (%) Median 24.8 26.2 26.6 27.6 29.0 29.5 Mean 25.7 27.5 27.6 28.6 29.7 31.0 ENDOWMENT University endowment market value ($000s) Median 280,997 256,077 243,637 310,900 298,414 316,286 Mean 1,279,107 1,207,481 1,249,529 1,660,882 1,475,863 1,759,341 FINANCIAL RESOURCE RATIOS Cash and investments to expenses (%) Median 48.7 49.1 46.9 55.8 95.6 99.1 Mean 60.1 59.0 60.2 70.1 112.3 111.3 Cash and investments to debt (%)* Median 117.0 109.4 121.2 139.5 231.3 244.9 Mean 157.1 146.1 158.4 183.2 268.7 272.7 DEBT RATIOS Total outstanding debt ($000s)* Median 322,940 315,113 342,018 356,473 376,200 390,557 Mean 869,479 924,263 984,463 1,003,116 1,180,558 1,298,499 Average age of plant (years) Median 14.0 14.2 14.8 15.3 15.1 14.2 Mean 14.5 14.8 15.3 15.7 15.4 14.5 MADS burden (%) Median 4.2 4.1 4.0 3.9 3.8 4.0 Mean 4.6 4.4 4.2 4.4 4.1 4.3 FULL-TIME EQUIVALENT RATIOS Total debt per FTE ($)* Median 16,167 17,216 17,505 18,183 19,554 21,640 Mean 20,544 22,174 22,414 22,999 26,398 27,121 State appropriations per FTE ($) Median 7,704 7,929 8,189 8,487 9,350 10,433 Mean 8,734 8,727 8,894 9,663 10,403 11,279 Endowment per FTE ($)† Median N.A. …
U.S. Not-For-Profit Private College And University Fiscal 2023 Medians: Inflated Expenses, Deflated Support Contribute To Weaker Margins
Jul 16, 2024 -… The mean or median metrics for each rating category (table 2) should not be considered thresholds to achieving a particular rating. Table 1 Private colleges and universities--Sectorwide fiscal 2023 ratios 2019 2020 2021 2022 2023 Sample size 260 265 276 273 278 ENROLLMENT AND DEMAND Total FTE enrollment Median 3,199 3,174 3,004 3,069 3,013 Mean 6,343 6,331 6,088 5,944 5,911 FTE enrollment change (%) Median 0.4 -0.3 -2.7 0.3 -0.8 Mean -0.1 -0.5 -2.6 1.4 -1.1 Undergraduates as a % of total enrollment Median 75.9 73.5 79.1 78.8 79.1 Mean 74.4 72.7 77.0 77.0 76.8 First-year acceptance rate (%) Median 65.5 66.0 71.4 74.0 73.2 Mean 57.0 58.2 61.3 63.4 61.4 First-year matriculation rate (%) Median 22.0 21.0 18.8 18.6 18.1 Mean 26.1 25.3 23.1 24.0 23.6 Average SAT Median 1,213 1,206 1,192 1,219 1,230 Mean 1,232 1,232 1,222 1,248 1,260 Average ACT Median 26 26 26 27 27 Mean 27 27 27 27 28 Retention rate (%) Median 83.1 84.0 83.0 83.8 82.4 Mean 83.3 83.5 82.2 82.3 82.0 Six-year graduation rate (%) Median 70.9 71.4 71.6 71.3 72.0 Mean 70.9 71.5 71.5 71.6 71.5 In-state students (%) Median 52.7 54.5 54.0 53.0 53.8 Mean 51.3 51.7 51.8 49.5 50.7 FINANCIAL PERFORMANCE Operating margin (%) Median 0.9 0.3 1.8 1.1 -0.1 Mean 1.3 0.7 2.5 1.7 -0.4 REVENUE DIVERSITY Student-generated revenue (%) Median 84 84 81.7 79.7 80.5 Mean 77 77.1 74.5 73.6 74.3 Auxiliary revenue (%) Median 11.4 9.9 7.6 10.4 11.3 Mean 11.2 9.5 8.0 10.3 10.9 Grants and contracts to revenue (%) Median 1.2 2.2 4.4 5.0 2.2 Mean 3.5 4.3 6.7 6.3 4.9 Gifts and pledges to revenue (%) Median 1.8 1.9 1.9 1.9 1.9 Mean 2.6 2.6 2.7 2.7 2.8 FINANCIAL AID/EXPENSE RATIOS Financial aid burden as a percentage of expenses (%) Median 27.6 28.9 30.0 29.5 29.3 Mean 25.9 27 28.4 27.9 27.6 Instruction expense as a percentage of expenses (%) Median 27.1 27.1 26.0 25.5 25.5 Mean 28.3 28.2 27.1 26.5 26.7 Tuition discount rate (%) Median 40.0 41.0 41.9 43.3 44.4 Mean 40.1 41.1 42.8 44.1 44.8 FINANCIAL RESOURCES Cash and investments ($000s) Median 224,553 225,569 281,617 257,427 245,849 Mean 1,601,177 1,683,629 2,223,590 2,121,390 2,045,358 Cash and investments to operations (%) Median 126.6 126.5 161.4 141.6 135.3 Mean 196.4 195.4 256.9 221.3 208.3 Cash and investments to debt (%) Median 264.1 245.6 298.3 281.2 272.3 Mean 339.3 322.9 398.4 361.9 356.4 DEBT RATIOS Total outstanding debt ($000s) Median 97,015 98,420 96,580 105,384 101,023 Mean 373,862 421,814 448,459 467,667 456,574 Average age of plant (years) Median 14.4 14.8 15.1 15.6 16.2 Mean 14.9 15.4 15.7 16.2 16.6 MADS burden (%) Median 4.1 4.0 4.4 4.3 4.3 Mean 4.6 4.8 5.0 4.9 4.8 FULL-TIME EQUIVALENT RATIOS Total debt per FTE ($) Median 28,964 31,463 33,207 34,791 35,053 Mean 48,962 53,614 57,727 57,460 58,871 Endowment per FTE ($) Median 54,827 53,884 69,511 68,781 71,280 Mean 186,869 185,774 257,903 225,958 222,961 FTE--Full-time-equivalent. …
Default, Transition, and Recovery: 2024 Annual Emerging And Frontier Markets Corporate Default And Rating Transition Study
May 23, 2025 -… Looking at rating transitions by rating modifier (see table 14), EMFM rating transitions generally continue to follow global patterns, but there is some variation between adjacent rating categories; this in part reflects the sample sizes for each rating. Table 12 Average one-year corporate transition rates (%) Emerging market (1997-2024) From/To AAA AA A BBB BB B CCC/C D NR AAA 83.78 13.51 0.00 0.00 0.00 0.00 0.00 0.00 2.70 (39.10) (36.26) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (17.20) AA 1.36 88.01 8.45 0.00 0.00 0.00 0.00 0.00 2.18 (7.89) (16.33) (14.24) (0.00) (0.00) (0.00) (0.00) (0.00) (3.68) A 0.00 0.86 92.27 3.90 0.21 0.18 0.00 0.03 2.57 (0.00) (1.43) (4.63) (3.68) (0.70) (0.48) (0.00) (0.15) (1.25) BBB 0.00 0.01 1.82 88.05 4.01 0.32 0.13 0.10 5.56 (0.00) (0.08) (1.73) (5.30) (4.02) (0.99) (0.89) (0.32) (2.30) BB 0.00 0.00 0.01 3.59 81.12 4.33 0.54 0.54 9.86 (0.00) (0.00) (0.10) (2.47) (4.72) (2.50) (1.77) (1.10) (3.42) B 0.00 0.00 0.00 0.12 6.06 71.84 3.95 3.00 15.02 (0.00) (0.00) (0.00) (0.28) (3.84) (5.06) (3.65) (3.16) (3.73) CCC/C 0.00 0.00 0.00 0.00 0.35 15.55 50.23 17.05 16.82 (0.00) (0.00) (0.00) (0.00) (0.88) (13.76) (17.52) (14.13) (9.91) Frontier market (1997-2024) From/To AAA AA A BBB BB B CCC/C D NR AAA (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) AA 0.00 72.73 18.18 0.00 0.00 0.00 0.00 0.00 9.09 (0.00) (41.22) (40.66) (0.00) (0.00) (0.00) (0.00) (0.00) (20.33) A 0.00 4.00 88.00 4.00 0.00 0.00 0.00 0.00 4.00 (0.00) (13.88) (26.22) (20.06) (0.00) (0.00) (0.00) (0.00) (13.88) BBB 0.00 0.00 0.00 92.00 0.00 0.00 0.00 0.00 8.00 (0.00) (0.00) (0.00) (24.28) (0.00) (0.00) (0.00) (0.00) (24.28) BB 0.00 0.00 0.00 1.14 79.55 9.09 0.00 0.00 10.23 (0.00) (0.00) (0.00) (7.59) (24.09) (16.97) (0.00) (0.00) (19.67) B 0.00 0.00 0.00 0.00 2.33 81.98 6.40 2.33 6.98 (0.00) (0.00) (0.00) (0.00) (5.36) (16.17) (9.61) (7.40) (12.09) CCC/C 0.00 0.00 0.00 0.00 0.00 4.35 39.13 39.13 17.39 (0.00) (0.00) (0.00) (0.00) (0.00) (11.77) (36.67) (31.40) (31.35) Global (1981-2024) From/To AAA AA A BBB BB B CCC/C D NR AAA 87.28 8.92 0.51 0.03 0.10 0.03 0.05 0.00 3.08 (7.37) (7.16) (0.81) (0.13) (0.26) (0.17) (0.34) (0.00) (2.45) AA 0.45 87.73 7.50 0.44 0.05 0.06 0.02 0.02 3.73 (0.52) (5.17) (4.19) (0.65) (0.18) (0.19) (0.06) (0.07) (1.69) A 0.02 1.48 89.42 4.64 0.23 0.10 0.01 0.05 4.04 (0.08) (1.04) (4.07) (2.21) (0.36) (0.22) (0.06) (0.10) (1.71) BBB 0.00 0.07 3.05 87.33 3.21 0.40 0.09 0.14 5.71 (0.03) (0.14) (1.58) (4.09) (1.67) (0.62) (0.19) (0.23) (1.52) BB 0.01 0.02 0.10 4.44 78.88 6.25 0.51 0.56 9.23 (0.05) (0.08) (0.22) (1.88) (4.81) (3.14) (0.65) (0.76) (2.21) B 0.00 0.02 0.06 0.14 4.47 75.17 4.79 2.93 12.42 (0.00) (0.07) (0.17) (0.19) (1.98) (3.81) (2.59) (2.87) (2.27) CCC/C 0.00 0.00 0.07 0.13 0.40 13.18 45.06 26.13 15.03 (0.00) (0.00) (0.34) (0.53) (0.79) (7.18) (8.17) (11.29) (4.37) Note: The Emerging Market and Frontier Market figures are for the time period from 1997-2024. …
Americas Sovereign Rating Trends 2025: Average Credit Quality Hits Highest Point Since 2017
Dec 18, 2024 -… A larger and more diverse export sector, helping to reduce external vulnerability and strengthen economic resilience, could help stabilize the rating. Table 13 Colombia 2018 2019 2020 2021 2022 2023 2024e 2025e 2026e 2027e GDP per capita (in ‘000) 6.93 6.54 5.37 6.24 6.69 6.97 7.93 7.73 8.11 8.49 GDP growth 2.56 3.19 -7.19 10.80 7.29 0.61 1.70 2.49 2.83 2.89 GDP per capita growth 0.78 0.81 -8.99 9.33 6.12 -0.44 0.67 1.48 1.84 1.93 Current account balance/GDP -4.20 -4.58 -3.43 -5.64 -6.14 -2.52 -2.34 -3.34 -3.10 -3.10 Gross external financing needs/CAR&FXR 98.42 100.59 96.75 97.94 106.45 100.04 100.19 97.70 95.98 94.62 Narrow net external debt/CAR 122.33 125.44 179.52 148.61 116.21 130.52 119.35 125.66 123.09 122.07 GG balance/GDP -2.62 -2.16 -8.25 -8.28 -6.90 -3.87 -5.60 -5.10 -4.00 -4.00 GG net debt/GDP 43.35 45.59 59.35 59.34 57.31 53.27 56.73 58.17 58.52 58.85 CPI inflation 3.24 3.50 2.54 3.49 10.15 11.77 6.67 3.93 3.39 3.08 Bank credit to resident private sector/GDP 50.39 52.41 55.34 51.89 44.67 43.48 41.69 41.68 42.14 43.23 e--Estimate. …
S&P Global Ratings Definitions
Dec 2, 2024 -… Fund credit quality ratings are accompanied by fund volatility ratings (i.e., 'Af/S3')--when fund volatility ratings can be assigned--to communicate our opinion about certain risks not addressed by a fund credit quality rating. Table 5 Fund Credit Quality Ratings* Category Definition AAAf The credit quality of the fund's portfolio exposure is extremely strong. …
U.S. Not-For-Profit Transportation Infrastructure 2023 Medians: Demand And Revenue Growth Improved Financial Medians To Post-Pandemic Highs
Nov 12, 2024 -… The means and medians in the tables below should not be considered thresholds to achieving a particular rating. Table 2 U.S. transportation infrastructure sectorwide medians and means --Fiscal year (n=183)-- 2023 2022 2021 2020 2019 Total operating revenue ($000s) Median 90,029 77,851 63,178 74,560 96,814 Mean 347,866 309,201 249,638 241,089 310,429 Total operating revenue annual % change Median 9.8 23.8 (1.6) (14.5) 3.6 Mean 10.7 27.2 (3.4) (16.2) 4.7 Operating expenses ($000s) Median 83,364 76,065 65,814 69,263 71,664 Mean 324,213 281,022 253,780 265,144 271,252 Total operating expense annual % change Median 14.0 10.1 (2.8) (0.2) 5.5 Mean 15.5 10.6 (1.6) (1.9) 7.2 S&P Global Ratings net revenue ($000s) Median 66,856 62,551 35,474 39,385 56,648 Mean 231,452 201,482 146,915 119,305 192,790 Coverage (x) Median 2.02 1.79 1.37 1.27 1.83 Mean 3.24 2.95 2.03 1.92 2.7 Debt to net revenue (x) Median 5.9 6.8 7.5 9.7 6.6 Mean 7.8 7.3 11.7 12.9 7.5 Debt ($000s) Median 503,131 490,687 312,503 310,883 335,855 Mean 1,994,532 1,944,155 1,853,523 1,738,000 1,681,080 Unrestricted cash and investments ($000s) Median 199,622 175,170 124,921 104,094 107,950 Mean 456,955 421,916 331,388 285,679 281,828 Unrestricted days' cash on hand Median 663 648 607 490 465 Mean 951 909 884 777 714 Unrestricted reserves to debt (%) Median 33 29 24 23 24 Mean 127 123 121 87 73 Note: Mean and median calculations exclude Williamson and St. …
Australia, Canada, Mexico, And U.K. Public University Fiscal 2023 Medians: Credit Stability Holds But Cracks Are Beginning To Appear
Nov 12, 2024 -… Therefore, these medians should not be considered thresholds to achieve a particular rating. Table 1 Non-U.S. public universities--sectorwide ratios 2023 2022 2021 2020 2019 Sample size 22 22 19 19 19 ENROLLMENT AND DEMAND Total FTE enrollment Median 34,751 34,438 34,791 33,735 33,353 Mean 42,347 42,120 45,489 43,764 43,260 FTE enrollment change (%) Median 0.6 -0.4 2.9 2.1 2.6 Mean 0.8 0.1 3.7 0.9 2.6 Undergraduates as a % of total FTE enrollment (%) Median 76.6 78.4 76.9 75.7 76.5 Mean 77.7 78.2 77.4 76.8 77.4 Undergraduate selectivity rate (%)* Median 67.1 70.2 66.3 64.7 62.9 Mean 61.3 63.6 64.3 59.6 60.4 Retention rate (%) Median 91.5 91.7 92.7 92 91.6 Mean 89.9 89.7 91 90.5 90.7 Graduation rates (%) Median 79.1 81.8 81.2 80.2 79.4 Mean 74.3 74 72.7 72.8 73 FINANCIAL PERFORMANCE Net adjusted operating margin (%) Median 2.4 3.7 5.7 4.3 5.9 Mean 3.4 5.2 5.7 4.3 6.1 REVENUE DIVERSITY Government operating grants to revenue (%) Median 24.3 25.3 24.4 24 23.1 Mean 31.9 32.7 32.2 31.9 30.4 Student-generated revenue (%) Median 42 41.7 39.8 38.9 37.2 Mean 37.4 37.8 38.6 37.7 37.5 Grants and contracts to revenue (%) Median 14.6 14.4 15.2 14.9 15 Mean 14.4 14.8 16 15 15.4 Endowment and investment income to revenue (%) Median 3 1.3 4.5 2.2 3.5 Mean 3.6 2.2 5.9 2.5 4 ENDOWMENT University endowment market value (US$ '000s) Median 247,136 236,992 342,233 279,837 309,742 Mean 486,431 494,040 561,934 455,873 470,779 FINANCIAL RESOURCE RATIOS Cash and investments to operations (%) Median 73.8 80.1 105.2 96.6 101.4 Mean 96.1 98.7 116 98.5 95.3 Cash and investments to debt (%) Median 269.9 237.9 439.3 328.9 345.7 Mean 371.2 356.8 417.5 350.5 366 DEBT RATIOS Total debt outstanding (US$ '000s) Median 254,382 269,391 280,512 253,468 215,652 Mean 363,263 347,618 374,599 348,886 305,657 MADS burden (%) Median 2.7 2.9 3 3.7 3.2 Mean 4 4.5 3.8 4.5 3.8 Average age of plant (years) Median 10.7 10.7 9.1 8.3 8.4 Mean 10.4 10.4 10.1 9.7 9.8 FULL-TIME EQUIVALENT RATIOS Total debt per FTE (US$) Median 7,812 6,855 7,922 7,622 7,108 Mean 11,598 11,062 11,291 11,131 9,523 Government operating grants per FTE (US$) Median 6,036 6,010 6,236 6,170 5,936 Mean 7,346 7,102 7,069 6,759 6,356 Endowment per FTE (US$) Median 7,001 6,668 12,634 11,421 11,225 Mean 11,363 11,283 14,055 11,286 11,628 * Excludes Australian entities. …
U.S. Municipal Water And Sewer Utilities Rating Actions, Third Quarter 2024
Oct 29, 2024 -… Asotin County Public Utility District #1 WA A+ Stable New rating. Table 3 U.S. Municipal Water And Sewer Utilities Maintained Ratings, Summary Third Quarter 2024 Entity State Rating Outlook Ephrata Borough Authority PA A- Stable Kentucky Association of Counties Finance Corporation KY AA- Stable Orlando FL AAA Stable Kalamazoo MI AA- Stable Ohio Water Development Authority OH AAA Stable Indiana Finance Authority IN AAA Stable Trinity River Authority TX AA+ Stable Charleston SC AAA Stable Rural Water Financing Agency KY AA- Stable Fond du Lac Water WI A Negative Spartanburg County SC AA Stable Woonsocket Sewer RI A+ Stable Redwood City CA AA Stable Benton Washington Regional Public Water Authority AR A+ Stable Johnston County NC AA+ Stable Tampa FL AAA Stable Lewisville TX AAA Stable New York City Municipal Water Finance Authority NY AAA Stable Tampa Bay Water FL AA+ Stable Valley Sanitary District CA AA+ Stable Weber Basin Water Conservancy District UT AA+ Stable Kentucky Bond Corporation KY AA- Stable Honolulu City and County HI AA+ Stable Loudon TN A+ Stable Oregon Bond Bank OR AA+ Stable Polk County FL AA+ Stable Charlotte NC AAA Stable Denver Board of Water Commissioners CO AAA Stable Illinois Finance Authority IL AAA Stable Portage WI A Stable Exeter CA A Stable Macon Water Authority GA AA Stable Allegheny County Sanitary Authority PA AA- Stable Westmoreland County Municipal Authority PA A+ Stable Timpanogos Special Service District UT AA Stable Burgettstown-Smith Township Joint Sewerage Authority PA A Stable Harpeth Valley Utilities District TN AA+ Stable Mesquite TX AA Stable North Dakota Public Finance Authority ND AAA Stable Palm Coast FL AA- Stable Snoqualmie WA AA Stable North TX Municipal Water District TX AAA Stable Pasco County FL AA+ Stable Fredericksburg TX AA- Stable Tangipahoa Parish Sewerage District #1 LA A- Stable Camarillo Sanitary District CA AA+ Stable Huntsville AL AAA Stable East Baton Rouge Sewerage Commission LA AA- Stable Suburban Lancaster Sewer Authority PA A Stable Louisville and Jefferson County Metropolitan Sewer District KY AA Stable Cobb County Marietta Water Authority GA AAA Stable Tangipahoa Parish Water District LA A Stable Mesa Water District CA AAA Stable Knoxville Utilities Board TN AAA Stable Payson City UT A+ Stable San Diego CA AA+ Stable Indianapolis IN AAA Stable The Metropolitan District Hartford County CT AA Stable South Dakota Conservancy District SD AAA Stable Texas Water Development Board TX AAA Stable San Antonio TX AA+ Stable Watauga River Regional Water Authority TN A Stable Edmond Public Works Authority OK AA- Stable Del Puerto Water District CA BBB+ Stable Cincinnati OH AAA Stable Arizona Water Infrastructure Finance Authority AZ AAA Stable Vermont Bond Bank VT AA+ Stable Upper Occoquan Sewage Authority VA AAA Stable Maine Municipal Bond Bank ME AA+ Stable Metro Water Reclamation District of Greater Chicago IL AA+ Stable La Porte IN A- Stable Oklahoma Water Resources Board OK AAA Stable Stockton CA A Stable Onslow Water & Sewer Authority NC AA- Stable New York State Environmental Facilities Corporation NY AAA Stable Cleveland OH AA+ Stable Dorchester County SC AA Stable South Bullock County Water Authority AL A- Stable Gainesville GA AA Stable City of Westminster CO AAA Stable Pima County AZ AA Stable Virginia Resources Authority VA AAA Stable New Mexico Finance Authority NM AAA Stable Pleasant Grove UT A+ Stable Upper Trinity Regional Water District TX A+ Stable Sherman TX A Negative Tempe AZ AA- Stable Asheville NC AA+ Stable Peace River Manasota Regional Water Supply Authority FL AA Stable This report does not constitute a rating action. …
U.S. Community College District Fiscal 2023 Medians: A Reason For Optimism As A New School Year Gets Under Way
Oct 1, 2024 -… Therefore, these medians should not be considered thresholds to achieve a particular rating. Table 1 U.S. community colleges sectorwide fiscal 2023 medians 2021 2022 2023 Full-time-equivalent (FTE) enrollment (no.) 5,455 5,033 5,439 Service area population (no.) 265,455 267,780 265,768 Net (adjusted) operating income (%) 7.2 7.4 6.7 State appropriations dependence (%) 21.3 21.3 21.9 Student dependence (%) 17.6 16.9 18.0 Taxes and other local support dependence (%) 26.0 25.3 27.9 Cash and investments to operations (%) 81.3 88.6 100.5 Total cash and investments to total debt (%) 98.3 108.8 125.0 Average age of plant (years) 13.9 13.5 13.0 MADS burden (%) 8.4 8.4 9.0 Total debt per FTE ($) 14,309 14,419 14,852 State appropriations per FTE ($) 4,138 4,701 4,930 MADS--Maximum annual debt service. …
Ratings Rollercoaster: Ascent Of U.S. Theme Parks On Reopenings Has Likely Reached Its Peak
Jul 29, 2024 -… To the extent theme park operators commit to publicly articulated leverage targets, we believe they would increase leverage toward the higher end of the policy range given suitable greenfield expansions, acquisition opportunities, or shareholder returns, which would be above leverage tolerances at a higher rating. Table 1 U.S. theme park ratings Issuer Rating/outlook Upside trigger Downside trigger Base-case leverage forecast United Parks & Resorts Inc. …
U.S. Not-For-Profit Public College And University Fiscal 2023 Medians: Rising State Funding Offers Hope Amid Continued Demand Pressures
Jul 18, 2024 -… Therefore, these medians should not be considered thresholds to achieve a particular rating. Table 1 Public colleges and universities--Sectorwide fiscal 2023 ratios 2018 2019 2020 2021 2022 2023 Sample size 149 145 143 145 141 145 ENROLLMENT AND DEMAND Total FTE enrollment Median 19,541 19,426 18,773 18,650 18,397 18,100 Mean 35,268 35,929 36,248 35,484 36,152 36,308 FTE enrollment change (%) Median -1.0 -0.6 -0.5 -1.5 -1.9 -0.7 Mean 1.5 1.9 -0.7 -2.1 -1.9 -1.0 Undergraduates as a % of total enrollment Median 81.2 81.5 80.6 82.7 82.0 82.4 Mean 81.0 81.6 80.8 82.2 81.9 82.3 First-year acceptance rate (%) Median 71.8 72.7 71.8 75.1 77.8 79.6 Mean 69.9 70.4 70.3 72.9 75.7 75.1 First-year matriculation rate (%) Median 32.3 30.4 28.9 25.8 25.7 24.8 Mean 34.8 32.6 31.1 29.1 27.6 26.5 Average SAT scores Median 1147 1162 1171 1152 1188 1177 Mean 1152 1172 1173 1157 1183 1180 Average ACT scores Median 23.4 24.0 24.0 24.0 24.0 23.9 Mean 23.8 24.3 24.4 24.4 24.7 24.4 Retention rate (%) Median 80.6 80.3 80.0 82.0 80.2 80.0 Mean 80.0 80.3 80.7 81.3 79.9 79.9 Six-year graduation rate (%) Median 56.3 59 62.0 61.6 62.4 62.6 Mean 58.3 60.7 62.4 62.1 62.8 63.0 In-state students (%) Median 79.0 79.6 79.7 77.0 77.5 76.7 Mean 76.5 76.5 76.2 75.8 75.6 74.7 FINANCIAL PERFORMANCE Operating margin (%) Median 0.5 0.4 0.5 3.7 2.9 0.3 Mean 0.6 0.5 0.1 4.3 2.9 0.7 REVENUE DIVERSITY State appropriations to revenue (%) Median 21.5 21.1 20.9 21.4 20.7 22.9 Mean 23.0 22.1 22.2 21.8 21.9 23.4 Student-generated revenue (%) Median 47.6 47.3 46.4 41.9 42.3 43.3 Mean 45.1 45.4 44.4 40.1 40.7 41.3 Auxiliary revenue (%) Median 9.8 10.0 8.4 6.6 8.5 9.2 Mean 10.1 10.1 8.7 6.9 8.7 9.1 Grants and contracts to revenue (%) Median 9.7 10.1 10.5 10.8 11.3 11.5 Mean 11.1 11.4 12.1 12.0 12.3 12.7 Gifts and pledges to revenue (%) Median 1.6 2.0 1.8 2.1 2.5 2.0 Mean 2.1 2.2 2.2 2.4 3.1 2.5 Investment and endowment income to revenue (%) Median 1.0 1.1 1.0 1.2 0.4 1.3 Mean 1.8 1.6 1.5 3.4 0.2 1.6 FINANCIAL AID/EXPENSE RATIOS Financial aid burden as a percentage of expenses (%) Median 9.0 9.3 9.3 9.7 9.1 9.8 Mean 9.5 9.7 9.7 10.1 9.6 9.9 Instruction expense as a percentage of expenses (%) Median 26.9 26.7 26.2 25.4 23.1 23.3 Mean 27.8 27.6 27.5 27.3 24.8 24.5 Tuition discount rate (%) Median 24.8 26.2 26.6 27.6 29.0 29.5 Mean 25.7 27.5 27.6 28.6 29.7 31.0 ENDOWMENT University endowment market value ($000s) Median 280,997 256,077 243,637 310,900 298,414 316,286 Mean 1,279,107 1,207,481 1,249,529 1,660,882 1,475,863 1,759,341 FINANCIAL RESOURCE RATIOS Cash and investments to expenses (%) Median 48.7 49.1 46.9 55.8 95.6 99.1 Mean 60.1 59.0 60.2 70.1 112.3 111.3 Cash and investments to debt (%)* Median 117.0 109.4 121.2 139.5 231.3 244.9 Mean 157.1 146.1 158.4 183.2 268.7 272.7 DEBT RATIOS Total outstanding debt ($000s)* Median 322,940 315,113 342,018 356,473 376,200 390,557 Mean 869,479 924,263 984,463 1,003,116 1,180,558 1,298,499 Average age of plant (years) Median 14.0 14.2 14.8 15.3 15.1 14.2 Mean 14.5 14.8 15.3 15.7 15.4 14.5 MADS burden (%) Median 4.2 4.1 4.0 3.9 3.8 4.0 Mean 4.6 4.4 4.2 4.4 4.1 4.3 FULL-TIME EQUIVALENT RATIOS Total debt per FTE ($)* Median 16,167 17,216 17,505 18,183 19,554 21,640 Mean 20,544 22,174 22,414 22,999 26,398 27,121 State appropriations per FTE ($) Median 7,704 7,929 8,189 8,487 9,350 10,433 Mean 8,734 8,727 8,894 9,663 10,403 11,279 Endowment per FTE ($)† Median N.A. …
U.S. Not-For-Profit Private College And University Fiscal 2023 Medians: Inflated Expenses, Deflated Support Contribute To Weaker Margins
Jul 16, 2024 -… The mean or median metrics for each rating category (table 2) should not be considered thresholds to achieving a particular rating. Table 1 Private colleges and universities--Sectorwide fiscal 2023 ratios 2019 2020 2021 2022 2023 Sample size 260 265 276 273 278 ENROLLMENT AND DEMAND Total FTE enrollment Median 3,199 3,174 3,004 3,069 3,013 Mean 6,343 6,331 6,088 5,944 5,911 FTE enrollment change (%) Median 0.4 -0.3 -2.7 0.3 -0.8 Mean -0.1 -0.5 -2.6 1.4 -1.1 Undergraduates as a % of total enrollment Median 75.9 73.5 79.1 78.8 79.1 Mean 74.4 72.7 77.0 77.0 76.8 First-year acceptance rate (%) Median 65.5 66.0 71.4 74.0 73.2 Mean 57.0 58.2 61.3 63.4 61.4 First-year matriculation rate (%) Median 22.0 21.0 18.8 18.6 18.1 Mean 26.1 25.3 23.1 24.0 23.6 Average SAT Median 1,213 1,206 1,192 1,219 1,230 Mean 1,232 1,232 1,222 1,248 1,260 Average ACT Median 26 26 26 27 27 Mean 27 27 27 27 28 Retention rate (%) Median 83.1 84.0 83.0 83.8 82.4 Mean 83.3 83.5 82.2 82.3 82.0 Six-year graduation rate (%) Median 70.9 71.4 71.6 71.3 72.0 Mean 70.9 71.5 71.5 71.6 71.5 In-state students (%) Median 52.7 54.5 54.0 53.0 53.8 Mean 51.3 51.7 51.8 49.5 50.7 FINANCIAL PERFORMANCE Operating margin (%) Median 0.9 0.3 1.8 1.1 -0.1 Mean 1.3 0.7 2.5 1.7 -0.4 REVENUE DIVERSITY Student-generated revenue (%) Median 84 84 81.7 79.7 80.5 Mean 77 77.1 74.5 73.6 74.3 Auxiliary revenue (%) Median 11.4 9.9 7.6 10.4 11.3 Mean 11.2 9.5 8.0 10.3 10.9 Grants and contracts to revenue (%) Median 1.2 2.2 4.4 5.0 2.2 Mean 3.5 4.3 6.7 6.3 4.9 Gifts and pledges to revenue (%) Median 1.8 1.9 1.9 1.9 1.9 Mean 2.6 2.6 2.7 2.7 2.8 FINANCIAL AID/EXPENSE RATIOS Financial aid burden as a percentage of expenses (%) Median 27.6 28.9 30.0 29.5 29.3 Mean 25.9 27 28.4 27.9 27.6 Instruction expense as a percentage of expenses (%) Median 27.1 27.1 26.0 25.5 25.5 Mean 28.3 28.2 27.1 26.5 26.7 Tuition discount rate (%) Median 40.0 41.0 41.9 43.3 44.4 Mean 40.1 41.1 42.8 44.1 44.8 FINANCIAL RESOURCES Cash and investments ($000s) Median 224,553 225,569 281,617 257,427 245,849 Mean 1,601,177 1,683,629 2,223,590 2,121,390 2,045,358 Cash and investments to operations (%) Median 126.6 126.5 161.4 141.6 135.3 Mean 196.4 195.4 256.9 221.3 208.3 Cash and investments to debt (%) Median 264.1 245.6 298.3 281.2 272.3 Mean 339.3 322.9 398.4 361.9 356.4 DEBT RATIOS Total outstanding debt ($000s) Median 97,015 98,420 96,580 105,384 101,023 Mean 373,862 421,814 448,459 467,667 456,574 Average age of plant (years) Median 14.4 14.8 15.1 15.6 16.2 Mean 14.9 15.4 15.7 16.2 16.6 MADS burden (%) Median 4.1 4.0 4.4 4.3 4.3 Mean 4.6 4.8 5.0 4.9 4.8 FULL-TIME EQUIVALENT RATIOS Total debt per FTE ($) Median 28,964 31,463 33,207 34,791 35,053 Mean 48,962 53,614 57,727 57,460 58,871 Endowment per FTE ($) Median 54,827 53,884 69,511 68,781 71,280 Mean 186,869 185,774 257,903 225,958 222,961 FTE--Full-time-equivalent. …