S&P affirms PCC’s ‘AA+’ credit rating
Photos and Story by James Hill
S&P Global Ratings assigned its “AA+” long-term rating to Portland Community College’s approximately $225 million series 2023 general obligation community college bonds.
At the same time, S&P Global Ratings affirmed its “AA+” long-term rating on the college’s series 2018 full faith and credit pension bonds and other general obligation and limited-tax pension bonds outstanding. PCC has the highest rating for any community college or K-12 educational district in the state.
The outlook for PCC is stable.
“The assignment and affirmation of PCC’s strong ‘AA+’ long-term credit rating by S&P Global reflects PCC’s prudent financial management and stable financial position despite enrollment declines and the uncertainty of state support,” said Eric Blumenthal, PCC’s executive vice president of Administration and Finance. “While extremely gratifying that PCC is maintaining the same strong credit rating as the State of Oregon, institutional stability will require our continued vigilance and foresight.”
Bond proceeds will be used to finance various capital projects, including updating classrooms, technology, facilities, and equipment to allow for flexible, hybrid learning options; improving accessibility for people with disabilities; deferred maintenance projects; site improvements; and the costs of issuance.