Yeshiva University Wins Credit Upgrade With New President
Yeshiva University received some positive financial news as the school prepares for new president Ari Berman to take the helm, with the Moody’s credit agency upgrading the institution’s financial outlook from “negative” to “stable.”
The university will “execute its plans and reach financially sustainable operations,” wrote the company, according to a report in the Commentator, the school newspaper. Furthermore, Moody’s expressed it confidence “that continued operational improvements will reduce the pace at which the university uses liquid reserves to fund structural cash deficits.” At the same time, Moody’s kept its rating on bonds from Yeshiva at B3, a “junk” rating that means it’s an extreme risk for investors.
Yeshiva has weathered financial trouble since the Great Recession, losing tens of millions of dollars a year in a crunch that has forced it to sell its medical school and a dozen buildings. Berman is a former pulpit rabbi from the Upper West Side.
This story "Yeshiva University Wins Credit Upgrade With New President" was written by Daniel J. Solomon.