S&P affirms PCC’s ‘AA+’ credit rating
Photos and Story by James Hill
S&P Global Ratings affirmed its ‘AA+’ long-term rating on Portland Community College’s series 2018 full faith and credit pension bonds and other outstanding general obligation and limited-tax pension bonds. S&P states that the outlook is stable.
The S&P rating shows that PCC is fiscally responsible with its overall operations and is a good investment with its stable portfolio of debt. The college’s total direct debt equaled approximately $598 million as of fiscal year-end (June 30) 2021.
“The affirmation of PCC’s strong credit rating by S&P Global reflects the district’s prudent financial management and solid financial position despite enrollment declines and the uncertainty of state support,” said Eric Blumenthal, PCC’s vice president of Finance and Administration. “While gratifying, institutional stability will require continued vigilance and foresight.”
The report stated, “Given the fungibility of the district’s resources and because pledged revenues are not measurably narrower or subject to disproportionate risks relative to the district’s overall revenues, we rate the limited-tax debt on par with our view of the district’s general creditworthiness.”
To view the full report, download it here: https://www.pcc.edu/news/wp-content/uploads/sites/33/2022/04/RatingsDirect_PortlandCommunityCollegeDistrictOregonGeneralObligation_51347409_Apr-21-2022.pdf