Newark, N.J., Oct. 18, 2022 (GLOBE NEWSWIRE) -- S&P Global Ratings has raised its financial outlook on New Jersey Institute of Technology, based on a “firmer enrollment trend and expectations of improved financial operating performance,” the rating agency said.
NJIT’s outlook is now “stable,” while the university’s long-term credit rating remains “A.”
During the past 10 years, NJIT has seen total enrollment climb 21% to an all-time high of 12,000. At the same time, the university diversified its curriculum with new programs in financial technology, forensic science and cyberpsychology and achieved the highest research classification of R1 from the Carnegie Classification of Institutions of Higher Education.
The higher education rankers have also taken notice — with U.S. News & World Report, Money, Forbes and The Princeton Review recognizing NJIT as a top national university — and now so has S&P.
“The rating and outlook reflect NJIT’s rising enrollment trend, diverse academic programs and strong research capabilities, including being only one of three Carnegie Classified R1 research universities in New Jersey, with consistently strong student and faculty quality and retention rates,” S&P noted, in a report. “We understand further financial improvement is anticipated for fiscal 2022 as revenue exceeded budget and stimulus funds provided some relief.”
NJIT President Teik C. Lim described S&P’s upgrade as encouraging and foundational to his goal of making NJIT a preeminent polytechnic in the U.S.
“This action by S&P reflects the upward trajectory of NJIT,” Lim said. “We are attracting more students than ever, and that is because they see the success of our graduates, the impact of our research, and the spirit of innovation that exists throughout NJIT.”
About New Jersey Institute of Technology
One of only 35 polytechnic universities in the United States, New Jersey Institute of Technology (NJIT) is an R1 (most elite) Carnegie Classification research university that offers more than 125 undergraduate and graduate degree programs and spurs economic growth while preparing students to become leaders in the technology-dependent economy of the 21st century. NJIT is a catalyst for applied research and innovation that improves lives and fosters economic growth. Ranked No. 14 in the nation on Money’s Best Colleges list, NJIT also stands among the top 100 colleges and universities nationally for the mid-career earnings of its graduates, according to PayScale.com. NJIT is ranked No. 33 nationally by The Princeton Review as a Best Value College and is rated among the top 50 public national universities and top 100 overall by U.S. News & World Report.
About S&P Global Ratings
S&P Global Ratings, a part of S&P Global Inc. (NYSE: SPGI), is the world's leading provider of credit ratings. We have more than 1 million credit ratings outstanding on government, corporate, financial sector and structured finance entities and securities. With approximately 1,400 credit analysts, a presence in 26 countries and more than 150 years' experience of assessing credit risk, we offer a unique combination of global coverage and local insight. We provide our opinions and research about relative credit risk; market participants gain information to help support the growth of transparent, liquid debt markets worldwide. To learn more, please visit us at spglobal.com/ratings.
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