04/26/2019 | News release | Distributed by Public on 04/26/2019 08:03
April 26, 2019
NEW YORK, April 23, 2019-Moody's Investors Service has assigned an Aa2 to Northeast Iowa Community College's $16.6 million General Obligation School and Refunding Bonds, Series 2019, and $2.1 million Taxable Industrial New Jobs Training Certificates, Series 2019-1.
The Aa2 rating reflects the College's large and diverse tax base located in northeast Iowa that includes the City of Dubuque metropolitan area. The rating also reflects the College's healthy operating reserves relative to budget, moderate debt burden and modest pension burden.
The Aa2 is the second highest rating possible and is the ninth consecutive year Moody's has assigned the rating to NICC, an indication of the College's strong financial standing, especially at a time when Iowa's community colleges face continued financial pressures.
Voters in the district approved $39 million in bonds in September 2018 to address a variety of infrastructure needs at the College's facilities. The Series 2019 bonds will finance improvements to the College's facilities.
The Series 2019-1 certificates will finance new jobs training programs at seven companies that have entered into job training agreements with the College pursuant to Iowa's Industrial New Jobs Training Act.