Report touts sound financial performance and steady enrollment at Hobart and William Smith Colleges.
February 19, 2003 GENEVA, N.Y. – Citing a long history of positive operating performance, stable demand and enrollment, a talented and well-focused management team and a large increase in endowment over the past decade, the Standard & Poor’s Rating Services (S&P) has assigned its ‘A’ rating to Hobart and William Smith Colleges in Geneva, N.Y. An ‘A’ rating reflects the rating service’s confidence in the stability of the Colleges and the institution’s ability to successfully manage its finance and operations.
According to a report filed by S&P credit analysts who conducted a series of meetings with the Colleges top finance and administration personnel and trustees, “The stable outlook anticipates a continuation of sound financial performance and steady enrollment…” The report also pointed to the growth of the Colleges’ endowment, strategic plan, current academic building construction, and rise in application rate and quality as indicators of its stability.
“We are pleased with the report of the S&P credit analysts,” said Colleges President Mark D. Gearan. “As we look forward to a time of unprecedented growth and momentum on the Hobart and William Smith campus, we consider this positive rating a validation of the hard work and dedication of everyone associated with the institution – faculty, staff, trustees, students and our community partners.”
The Colleges recently issued $22 million in revenue bonds through the Geneva Industrial Development Agency for a variety of campus projects including new housing and renovation and addition to existing housing, which is expected to begin in the coming months, with completion of a new dormitory expected in 2004.
“The ‘A’ rating is a reflection of the success being enjoyed by Hobart and William Smith Colleges,” Charles H. Salisbury, Jr., chairman of the Colleges Board of Trustees, said. “The funds raised through the revenue of the bonds and their uses are an indication of our goal of further enhancing the Colleges as one of the country’s premier liberal arts colleges.”
Hobart and William Smith Colleges are coordinate, private, liberal arts institutions, located in Geneva, N.Y., the heart of the Finger Lakes region. The Colleges, which have a combined enrollment of 1,800, offer a remarkably broad array of majors and minors, with a cross-disciplinary flavor intended to better inform both professional and intellectual pursuits. The Colleges are noted for an ambitious emphasis on international study, and for their programs in community service. Hobart College for men and William Smith College for women share faculty, facilities and curriculum, but maintain separate deans’ offices, athletic programs, student governments and traditions.