Fitch Ratings has assigned an “AA-” rating to approximately $300 million in University of Connecticut general obligation bonds. The rating outlook is stable.
UConn’s general obligation bonds are rated one notch below the general obligation bond rating of the state of Connecticut based on the state’s debt service commitment equal to principal and interest and appropriated without further legislative approval.
The bonds are expected to sell via negotiated sale April 6. They consist of $300 million in general obligation bonds, which will be used for capital improvements to the university’s facilities, part of the UConn 2000 Infrastructure Improvement Act. Another $42 million general obligation bonds will be used to refund outstanding debt to provide net debt service savings.
