Rutgers University, New Jersey; CP; Private Coll/Univ ...P...Rutgers University, New Jersey; CP; Private Coll/Univ - General Obligation; Public Coll/Univ - Unlimited Student Fees Credit

Rutgers University, New Jersey; CP;Private Coll/Univ - GeneralObligation; Public Coll/Univ -Unlimited Student Fees

Primary Credit Analyst:

Ken W Rodgers, New York (1) 212-438-2087; [email protected]

Secondary Contact:

Laura A Kuffler-Macdonald, New York (1) 212-438-2519; [email protected]

Table Of Contents

Rationale

Outlook

Enterprise Profile

Financial Profile

WWW.STANDARDANDPOORS.COM FEBRUARY 28, 2020 1

© S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global

Ratings' permission. See Terms of Use/Disclaimer on the last page.

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Rutgers University, New Jersey; CP; PrivateColl/Univ - General Obligation; Public Coll/Univ -Unlimited Student Fees

Credit Profile

US$220.0 mil GO rfdg Bnds ser 2020S dtd 03/11/2020 due 06/15/2046

Long Term Rating A+/Stable New

Rutgers Univ PCU_USF

Long Term Rating A+/Stable Affirmed

Rationale

S&P Global Ratings assigned its 'A+' long-term rating to Rutgers University, N.J.'s series 2020S general obligation (GO)

bonds. In addition, we affirmed our 'A+' long-term rating on Rutgers' outstanding bonds (various series) and our

'A+/A-1' rating on its $62.8 million series 2009G GO variable-rate demand bonds (VRDBs). We also affirmed our 'A-1'

commercial paper (CP) rating on the university's $70.2 million outstanding CP notes. The outlook, where applicable, is

stable.

Total outstanding debt is $2.3 billion as of Dec. 31, 2019 (unaudited) and $2.0 billion as of the university's latest

audited fiscal year ended June 30, 2019.

The long-term rating reflects our view that Rutgers' enterprise profile is very strong, characterized by its role as the

flagship University of New Jersey's higher educational system, consisting of 11 public colleges and universities, with

favorable enrollment, retention and graduation rates. In addition, the rating reflects our view that Rutgers' financial

profile is strong with sound financial management policies, a respectable debt burden and healthy available resources,

though financial operating performance is variable on an adjusted full accrual basis with breakeven and a negative

1.9% margins in fiscal years 2017 and 2018, respectively, and a positive 1.5% margin in 2019. Although we deem

available resources healthy nevertheless, they trail adjusted unrestricted net assets (UNA)-to-debt (and pro forma debt)

median ratios for the rating category. Also, Rutgers' net pension liability decreased by 2.3% in fiscal 2019 to $1.7 billion

from $1.8 billion in fiscal 2018, largely owing to changes in plan assumptions administered by New Jersey. Our

understanding is that New Jersey, as a matter of practice, supports its public university's pension and other

postemployment benefit (OPEB) obligations. Combined we believe these credit factors lead to an indicative standalone

credit profile of 'a+' and long-term bond rating of 'A+'.

The long-term rating and stable outlook further reflect our assessment of Rutgers':

• Favorable stature as New Jersey's flagship public university;

• Growing full-time equivalent (FTE) enrollment increasing almost 0.6% in fall 2019 to 62,491 from 62,105 in fall

2018, somewhat selective admissions, and good student quality;

• Financial operating performance that in most of the past five fiscal years on an adjusted full-accrual GAAP basis has


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been breakeven or better, except for fiscal 2018's negative 1.9% operating deficit, and positive results are

anticipated for fiscal 2020;

• Healthy available resources, although adjusted UNA declined to 13.5% of adjusted operating expense in fiscal 2019

from 14.6% in fiscal 2018 and is 26.7% of pro forma debt; and

• Moderate debt of $2.32 billion with a 4.6% pro forma MADS debt burden that smooths the total debt amortization

over 30 years to adjust for long-dated bullet maturities.

Rutgers' is a large research focused university with a large breadth and depth of academic offerings and many facilities

with locations in all 21 New Jersey counties, three main campuses, and four operating units that make it a major public

university system; there are 32 schools and colleges within the four operating units: Rutgers University-New

Brunswick, Rutgers University-Newark, Rutgers University-Camden, and Rutgers Biomedical and Health Sciences.

Rutgers' bonds are secured by available funds of the university, which includes a broad range of university funds, and

we consider this pledge to be an equivalent to an unrestricted student fee pledge. We understand the majority of the

proceeds of the 2020 series S bonds will be used to refund New Jersey Economic Development Authority-Rutgers'

lease revenue series 2013 bonds for debt service savings.

The dual rating applicable to the series 2009G bonds reflects the 'A+' long-term rating on Rutgers' stand-alone credit

quality and the short-term ratings reflect a standby bond purchase agreement (SBPA) liquidity facility provided by TD

Bank that expires on July 1, 2023. The SBPA will only enhance the bonds in the daily and weekly interest-bearing-rate

mode (the covered modes). The SBPA provider's obligation to purchase un-remarketed tendered bonds during the

covered modes will terminate without notice to bondholders should various events outlined in the SBPA occur,

including the lowering of the long-term component of the rating to below 'BBB-'. We have reviewed these events and

deemed them consistent with our published ratings criteria.

The CP notes are secured by the university's general obligation and supplemented by a liquidity facility provided by

Wells Fargo Bank N.A. for $200 million series A through D notes and by Bank of America for $100 million series E

notes. As of June 30, 2019, $175.7 million of these notes were outstanding, and Rutgers' board has approved

authorization for up to a total of $300 million of CP notes issued and outstanding under the program. The university

can draw on the funds from the Wells Fargo and Bank of America standby CP purchase agreements that terminate on

April 20, 2021, and July 31, 2020, respectively, for any CP notes due and not successfully remarketed. We understand

the university had $2.3 billion in cash and investments as of Dec. 31, 2019 (unaudited), including $818.0 million of

operating funds that have at least monthly liquidity.

Rutgers remains focused and has made measured progress, in our view, integrating its various business and financial

operations among its four constituent business units, including merging two law schools into one and updating its

operating and financial management systems. We understand Rutgers' is considering merging its two medical schools

in Newark and New Brunswick into one to achieve better efficiencies.

Rutgers' capital spending is robust, in our view, although showing some signs of moderation in the current year. The

university reports that since the fall of 2012 it has completed or begun more than $2 billion in capital construction

projects funded with some combination of bonds, state funds, gifts and other university funds. As of fiscal year end



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Rutgers University, New Jersey; CP; Private Coll/Univ - General Obligation; Public Coll/Univ - Unlimited StudentFees

2019 Rutgers had approximately $735.5 million of capital projects under construction, in the design stage with

approved sources of funding and in the design stage pending determination of sources of funding.

Purchases of capital assets and construction in progress totaled $373.9 million in fiscal 2019 and $379.6 million in

fiscal 2018. The cash flow Rutgers realized from depreciation in fiscal years 2019 and 2018 was $181.3 million and

$181.0 million, respectively. We understand the majority of projects are on time and budget. Projected cash spending

for capital projects for fiscal 2020 is approximately $236 million and anticipated to be even lower in fiscal 2021. Key

projects completed in 2019 or scheduled to be completed in 2020 include an athletics performance center and parking

garage estimated to cost $115 million and an honors living and learning community estimated to cost $81 million. Two

larger projects approved by Rutgers' board of governors include the Rodkin academic success center with an

estimated cost of $65 million and upgrades to Newark's co-generation plant estimated to cost $50.5 million.

The university also reports that its "Our Rutgers, Our Future" capital campaign closed in December 2014 and raised

$1.04 billion, exceeding its $1 billion goal. We also understand gifts and pledges received for the benefit of the

university totaled $250.9 million and $223.4 million in fiscal years 2019 and 2018, respectively. In addition, for fiscal

2020 Rutgers anticipates gifts and pledges of between $240 million to $245 million. We also understand Rutgers

received $100 million in fiscal 2019 from its partner RWJ Barnabas Health pursuant to a master affiliation agreement

signed in July 2018. Furthermore, beginning on July 1, 2019, Rutgers commenced the silent phase of its next

campaign. Rutgers' endowment realized an 11% increase to $1.37 billion at fiscal year-end 2019 compared with the

prior year.

We rate Rutgers' debt above the rating associated with New Jersey. We believe this differential is warranted. Our view

in this matter recognizes that Rutgers derives a fair amount of financial support from the state for its operating

appropriation, limited capital support, and costs associated with its fringe benefits. Nevertheless, Rutgers derives the

majority of its revenue, approximately 77%, from nonstate supported sources including tuition and fees, grants and

contracts revenue, auxiliary operations, and health care and professional services revenue. In addition, we view

Rutgers' available resources as healthy and further enhanced by its robust philanthropic support. However, any rating

action affecting the rating on the state could become a greater factor in our future assessment of the rating on Rutgers.

Outlook

The stable outlook reflects our view that Rutgers' enrollment and other demand metrics will remain favorable, financial

operating performance on an adjusted full-accrual basis for fiscal 2020 will be break even or better while available

resources have improved slightly from operating cash flow, investment performance, and philanthropic support. In

addition, we believe additional debt issuance will be modest if any and balanced with improved available resources.

Downside scenario

A lower rating is possible if enrollment declined significantly, financial operating performance on an adjusted full

accrual GAAP basis is negative, or available resource ratios become further constrained relative to operations and

debt. In addition, issuance of additional debt without a commensurate increase in available resources could lead to

consideration of a lower rating.



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Upside scenario

Rutgers' financial performance and available resources, in our view, would need to improve considerably for

consideration of a higher rating over the next two years to offset risks associated with increasing exposure to health

care operations, flat state operating appropriation, pension funding, and funding long-term capital needs.

Enterprise Profile

Industry risk

Industry risk addresses the higher education sector's overall cyclicality, competitive risk, and growth by applying

various stress scenarios and evaluating barriers to entry, levels and trends of profitability, substitution risk, and growth

trends observed in the industry. We believe the higher education sector represents a low credit risk when compared

with other industries and sectors.

Economic fundamentals

In our view, Rutgers has limited geographic diversity with approximately 83% of the total undergraduate student

population coming from New Jersey. Therefore, our assessment of Rutgers' economic fundamentals is anchored by the

New Jersey GDP per capita of $75,494.

Market position and demand

Rutgers is New Jersey's flagship comprehensive research-based university with academic offerings that include more

than 100 undergraduate majors and 200 graduate and professional degree programs. Total university-wide enrollment

was 71,011 in fall 2019--a 0.6% increase over the enrollment in the previous year.

Rutgers became a member of the Big Ten Athletic Conference and the Big Ten Academic Alliance in 2012. The

Alliance is a consortium of world-class research universities that foster collaboration and advancing member

institutions research and academic programs. We understand that Rutgers ranks in the top 20 public universities based

on annual research expenditures according to the National Science Foundation-Higher Education Research and

Development Survey. Research grants and contracts revenue totaled $582 million in 2019, which is up 69% from $345

million in 2013 due largely to the acquisition of programs and faculty associated with the relatively new Rutgers

Biomedical and Health Sciences. We understand research and sponsored grants and contracts awarded slightly topped

$750 million in fiscal 2019 placing it in the top 20 public universities. Grants and contacts revenue is expected to be

approximately the same amount for fiscal 2020 as was realized in 2019.

Since the acquisition at the beginning of fiscal 2014 of programs and faculty associated with the new Rutgers

Biomedical and Health Sciences, total FTE enrollment has risen 2.2% in fall 2016, 0.4% in fall 2017, 2.5% in fall 2018

and 0.6% to its current 62,491 and is expected to continue to increase modestly each year. The New Brunswick

operating unit is the largest of the four with a total headcount of 43,389 in fall 2019, relatively flat compared the prior

year. It is followed by Newark with 13,605 enrolled in 2019, a 1.1% increase from the 13,451 enrolled in 2018, followed

by Camden with 7,233 in fall 2019 relatively flat in comparison to the fall 2018. Enrollment in the Biomedical and

Health Sciences unit totaled 6,784 for fall 2019, down approximately 2% from fall 2018 enrollment of 6,900.

We understand approximately half of the students on the New Brunswick, Newark, and Camden campuses reside in



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university-owned facilities with approximately 18,500 beds.

Freshman applicants were relatively flat in fall 2019 at 45,262 in comparison to the prior year, although Rutgers'

selectivity and matriculation declined slightly from 2018 levels to 76.6% and 27.3%, respectively. Total resident tuition

and room and board for fall 2019 is $28,482 and moderate, in our view, for comparable-sized public universities.

Rutgers Biomedical and Health Sciences operating unit signed a master affiliation agreement early in fiscal 2015 with

Robert Wood Johnson University Hospital (RWJUH) in New Brunswick. RWJUH is a subsidiary of Robert Wood

Johnson Health Care Corp. and the latter organization merged with Barnabas Health in 2017 to become RWJ

Barnabas Health. Rutgers created a new 501[c][3] corporation known as Rutgers Health Group in July 2017 that is now

managing the whole faculty practice across both of its medical schools. In July 2017, Rutgers Health, the clinical brand

of Rutgers, signed a letter of intent with RWJ Barnabas Health to partner and create the state's largest academic health

care system. Rutgers Health in July 2018 signed a master affiliation agreement with RWJ Barnabas Health to form a

world-class academic health center that functions as one system. The master affiliation agreement has multiple goals

and includes a $100 million investment that RWJ Barnabas Health has made in Rutgers Health. In addition, RWJ

Barnabas Health will provide $50 million per year in fixed mission support and other payments depending on its

success in the new venture.

Management and governance

Rutgers management team is led by its President Robert Barchi, M.D., Ph.D., who has been instrumental in leading the

university's expansion in the health sciences following the acquisition on July 1, 2013, of medical educational and

teaching programs from the University of Medicine and Dentistry of New Jersey (UMDNJ). Since that time, and

coinciding with the formation of the university's new operating structure, many new administrators and faculty were

recruited and have strengthened Rutgers while at the same time, moving it closer to its goal of gaining broader state

and national recognition for the quality of its programs, faculty, and students. President Barchi announced in 2019 that

he is retiring at the end of the current school year and recently it was announced that Dr. Jonathan Holloway is going

to be Rutgers' 21st president. Dr. Holloway most recently was the provost of Northwestern University since 2017. Last

year Dr. Christopher Molloy became the new chancellor of Rutgers-New Brunswick after having served as interim

chancellor since July 2018. We also understand that in late October of 2018, Dr. Sherine Gabriel resigned her position

as dean of Robert Wood Johnson Medical School (RWJMS) to become the president of Rush University in Chicago

and that Dr. Robert Johnson, dean of New Jersey Medical School, agreed to assume the additional position of interim

dean of RWJMS. As previously indicated Rutgers is studying the need for operating two medical schools and may

combine them into one school pending further analysis and applicable accreditation and regulatory approvals.

In 2014, the university completed a strategic plan for all major operating units. In 2015, it implemented a

responsibility-centered management budget process and in 2016, developed a set of metrics or benchmarks to gauge

the university's performance. In 2017, it launched an ambitious three-phase plan to put all of its operations on one

unified computer platform and it reports the first phase (chart of accounts, general ledger and procurement, and

expense reimbursement systems) has been completed and it is well into the second phase that largely centers around

its human resources and payroll functions. In total, the university estimates it will spend $125 million to realize

implementation of all three phases of the plan. Also, it has an updated physical master plan that is guiding campus

development through 2030.



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On July 31, 2015, The American Bar Assn. approved the merger of Rutgers' School of Law-Newark and School of

Law-Camden with the new school now known simply as Rutgers Law School. The law school maintains distinct

locations on the Newark and Camden campuses but combines the strength of each faculty and expanded access for its

graduates to two of the five-largest employment markets in the country.

Financial Profile

Financial management policies

Rutgers has formal policies for endowment, investments, and debt. It operates according to a five-year strategic plan

and has a formal reserve liquidity policy. The university meets standard annual disclosure requirements. The financial

policies assessment reflects our opinion that, while there may be some areas of risk, the organization's overall financial

policies should not impair its future ability to pay debt service. Our analysis of financial policies includes a review of

the organization's financial reporting and disclosure, investment allocation and liquidity, debt profile, contingent

liabilities, and legal structure and a comparison of these policies with comparable providers.

Financial performance

Since fiscal 2015, Rutgers has recorded full-accrual-based adjusted operating surpluses except for fiscal 2018 when it

incurred a slight operating deficit of $82.7 million (negative 1.9%); in fiscal 2019 the strongest operating margin in the

past five years was recorded at $70.5 million (1.5%). Rutgers performance on a cash basis is much stronger with better

than break-even financial operations for each of the past five fiscal years. Rutgers' total adjusted UNA plus debt service

reserve decreased 7.0% to $618.7 million in fiscal year 2019 from $665.0 million in 2018. Expenses associated with the

continuing transformation of Rutgers into a major comprehensive and more unified university that is research focused

and expanding in the health sciences depress Rutgers' adjusted UNA in the short term.

Largely due to the acquisition of UMDNJ, Rutgers' total asset base grew to $7.1 billion at fiscal year-end 2019 from

$4.1 billion pre-acquisition as of fiscal year-end 2013. Similarly, based on fiscal year-end 2019 results, Rutgers' total

adjusted operating revenue of $4.6 billion constitutes a significant increase, in our view, from $2.2 billion in fiscal 2013

(pre-acquisition).

Rutgers is on a more solid financial footing for the future, in our view, and we understand fiscal 2020 financial

performance is anticipated to be in line with that of fiscal 2019 in part due to recent increasing financial support from

philanthropy and partners such as RWJ Barnabas Health. In addition, Rutgers continues to improve its information

systems enabling it to make better-informed decisions about finances and resource allocation. We understand the

fiscal 2021 budget is expected to call for slightly better performance than that anticipated for fiscal 2020.

We consider the university's fiscal 2019 revenue diversity good, with gross tuition revenues constituting the largest

sources of revenue at 29%, followed by state appropriations at 23%, grants and contracts at 11%, and health care

operations at 20%. State appropriations and OPEB paid by the State for fiscal years 2018 and 2019 were $1.09 billion

and $1.07 billion, respectively. The university's fiscal year 2019 budget included $887.2 million in appropriation

including $444.7 million of state paid fringe benefit costs.



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Available resources

Rutgers' adjusted UNA to operations for fiscal year-end 2019 was 13.5% and is somewhat low for a flagship university,

in our view, and below the comparable median ratio for the rating category. Adjusted UNA to debt weakened to 30.2%

in fiscal 2019 from 32.3% in fiscal 2018.

Unrestricted cash and investments totaled $2.1 billion at the close of fiscal 2019 (including the endowment) and

improved to $2.3 billion as of Dec. 31, 2019 (unaudited), in line with the university's pro forma long-term debt of $2.3

billion.

Debt and contingent liabilities

Rutgers' outstanding debt on a pro forma basis, including various minor notes and loans, CP, and capitalized leases, at

fiscal year-end June 30, 2019, is about $2.05 billion compared with its $1.1 billion outstanding debt pre-merger of

UMDNJ related assets and liabilities. Approximately 94% of Rutgers' total debt is fixed-rate debt. Rutgers' $2.1 billion

in unrestricted cash and investments at fiscal year-end 2019 includes almost half of that amount in its long-term

investment pool, which has very good liquidity characteristics as approximately 42.7% of the pool can be liquidated on

a weekly basis, 18.2% monthly, 7.6% semi-annually and 8.1% annually. Therefore, combined with various

supplemental bank liquidity facilities that support Rutgers' CP and variable-rate demand debt, our view is that risk

associated with these types of debt instruments is substantially mitigated. Also, this level of liquidity supports risks

associated with its swap portfolio described further below.

Rutgers has three retirement plans available to its employees, the largest of which is the State of New Jersey Public

Employees Retirement System (PERS) that accounts for the majority of its associated liability and expense. PERS is a

cost-sharing multiple employer defined-benefit pension plan administered by the State of New Jersey, Division of

Pensions and Benefits.

Rutgers' total net pension liability decreased by 2.3% in fiscal 2019 to $1.7 billion (the PERS liability was $1.65 billion)

from $1.8 billion in fiscal 2018, largely owing to changes in plan assumptions administered by New Jersey. Similarly,

Rutgers' total net pension liability decreased by 14% in fiscal 2018 to $1.8 billion from $2.06 billion in fiscal 2017 due

to changes in plan assumptions administered by New Jersey. Our understanding is that New Jersey, as a matter of

practice, supports its public university's pension and OPEB obligations. The annual pension expense for fiscal 2019 for

the PERS plan was $120.8 million.

The university also has two swaps outstanding at fiscal year-end 2019 with a notional amount of $109.4 million. The

marked-to-market value of the swaps as of fiscal year-end 2019 was negative $31.3 million (excluding accrued interest)

and the university was required to post collateral at that time of $11.6 million.

The university often issues CP as an interim funding source for some of its projects and then secures permanent

financing later. Permanent financing may include some combination of philanthropy, state or local government

support, and university funding.



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Rutgers University, New Jersey Enterprise And Financial Statistics

--Fiscal year ended June 30--

Medians for 'A' rated public

colleges and universities

2020 2019 2018 2017 2016 2018

Enrollment and demand

Headcount 71,011 70,876 69,198 68,942 67,556 MNR

Full-time equivalent 62,491 62,105 60,608 60,345 59,067 12,854

Freshman acceptance rate (%) 76.6 70.7 72.7 66.5 67.1 74.3

Freshman matriculation rate (%) 27.3 28.8 27.8 32.6 32.6 MNR

Undergraduates as a % of total

enrollment (%)

72.1 71.9 71.8 71.6 71.2 83.3

Freshman retention (%) 90.6 91.5 91.6 91.3 91.3 77.3

Graduation rates (six years) (%) 80.6 76.7 76.9 76.7 77.2 MNR

Income statement

Adjusted operating revenue

($000s)

N.A. 4,648,250 4,384,675 3,984,859 3,757,796 MNR

Adjusted operating expense

($000s)

N.A. 4,577,754 4,467,393 3,984,322 3,713,792 MNR

Net adjusted operating income

($000s)

N.A. 70,496 (82,718) 537 44,004 MNR

Net adjusted operating margin (%) N.A. 1.54 (1.85) 0.01 1.18 (1)

Estimated operating gain/loss

before depreciation ($000s)

N.A. 251,833 98,251 185,319 195,258 MNR

Change in unrestricted net assets

(UNA; $000s)

N.A. (95,320) (248,129) (176,459) (62,043) MNR

State operating appropriations

($000s)

N.A. 1,065,506 1,090,541 807,511 775,666 MNR

State appropriations to revenue

(%)

N.A. 22.9 24.9 20.3 20.6 21.0

Student dependence (%) N.A. 33.3 33.6 36.3 38.3 52.4

Health care operations

dependence (%)

N.A. 18.7 17.8 17.8 14.2 MNR

Research dependence (%) N.A. 10.8 11.5 10.6 12.1 MNR

Endowment and investment

income dependence (%)

N.A. 1.0 1.0 0.9 0.6 0.7

Debt

Outstanding debt ($000s) N.A. 2,045,720 2,059,254 1,924,425 1,948,981 169,922

Proposed debt ($000s) N.A. 490,414 N.A. N.A. N.A. MNR

Total pro forma debt ($000s) N.A. 2,318,174 N.A. N.A. N.A. MNR

Pro forma MADS N.A. 210,853 N.A. N.A. N.A. MNR

Current debt service burden (%) N.A. 3.60 3.29 3.78 4.07 MNR

Current MADS burden (%) N.A. 3.91 3.60 3.68 4.26 4.50

Pro forma MADS burden (%) N.A. 4.61 N.A. N.A. N.A. MNR

Financial resource ratios

Endowment market value ($000s) N.A. 1,366,231 1,230,346 1,139,605 999,469 115,187

Related foundation market value

($000s)

N.A. 139,607 153,121 136,308 118,292 138,714



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Rutgers University, New Jersey Enterprise And Financial Statistics (cont.)

--Fiscal year ended June 30--

Medians for 'A' rated public

colleges and universities

2020 2019 2018 2017 2016 2018

Cash and investments ($000s) N.A. 2,078,929 2,007,183 2,008,250 1,919,204 MNR

UNA ($000s) N.A. (1,159,825) (1,064,505) (816,376) (639,917) MNR

Adjusted UNA ($000s) N.A. 618,745 651,426 812,232 827,990 MNR

Cash and investments to

operations (%)

N.A. 45.4 44.9 50.4 51.7 46.3

Cash and investments to debt (%) N.A. 101.6 97.5 104.4 98.5 100.6

Cash and investments to pro forma

debt (%)

N.A. 89.7 N.A. N.A. N.A. MNR

Adjusted UNA to operations (%) N.A. 13.5 14.6 20.4 22.3 31.3

Adjusted UNA plus debt service

reserve to debt (%)

N.A. 30.2 32.3 42.9 42.9 57.3

Adjusted UNA plus debt service

reserve to pro forma debt (%)

N.A. 26.7 N.A. N.A. N.A. MNR

Average age of plant (years) N.A. 16.6 15.8 14.6 18.0 14.6

N.A.--Not available. MNR--Median not reported. MADS--Maximum annual debt service. Total adjusted operating revenue = unrestricted revenue

less realized and unrealized gains/losses and financial aid. Total adjusted operating expense = unrestricted expense plus financial aid expense.

Net operating margin = 100*(net adjusted operating income/adjusted operating expense). Student dependence = 100*(gross tuition revenue +

auxiliary revenue) / adjusted operating revenue. Current debt service burden = 100*(current debt service expense/adjusted operating expenses).

Current MADS burden = 100*(maximum annual debt service expense/adjusted operating expenses). Cash and investments = cash + short-term

and long-term investments. Adjusted UNA = Unrestricted net assets + unrestricted net assets of the foundation. Average age of plant =

accumulated depreciation/depreciation and amortization expense.

Ratings Detail (As Of February 28, 2020)

Rutgers Univ CP

Short Term Rating A-1 Affirmed

Rutgers Univ CP

Short Term Rating A-1 Affirmed

Rutgers Univ GO bnds (Federally Taxable) ser 2019R dtd 10/31/2019 due 05/01/2043


Rutgers Univ PCU_GO


Rutgers Univ PCU_GO


Rutgers Univ PCU_GO


Rutgers Univ PCU_GO


Rutgers Univ PCU_GO


Rutgers Univ PCU_GO




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Ratings Detail (As Of February 28, 2020) (cont.)


Long Term Rating A+/A-1/Stable Affirmed





Rutgers Univ PCU_USF (FGIC) (National)

Unenhanced Rating A+(SPUR)/Stable Affirmed

New Brunswick Hsg Auth, New Jersey

Rutgers Univ, New Jersey

New Brunswick Hsg Auth (Rutgers Univ) PCU_USF


New Jersey Econ Dev Auth, New Jersey

Rutgers Univ, New Jersey

New Jersey Econ Dev Auth (Rutgers Univ) PCU_USF


Many issues are enhanced by bond insurance.



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